As a realtor in the Meridian area, I’ve seen my fair share of negotiations. There’s a reason people call it an art and not a science. Not only is negotiation a practice, but it’s also constantly evolving.

Just like markets, negotiation tactics fluctuate. What worked last year won’t necessarily work this year. I mean, just think about purchasing your first car. Haggling with your elderly neighbor over her 20-year-old Infiniti was a lot different than buying a car today, right?

The good news for homebuyers is that four simple negotiation tactics are working beautifully in 2024. So, if you’ve been scoping out a house in the Meridian area, now is the time to put these into practice.

For context, in the last year or so, many buyers had to purchase homes “as-is,” waive inspections, and/or cover appraisal gaps instead of just… offering over the asking price. There was even scrutiny regarding the financing buyers used (FHA, conventional, cash, etc.). Sellers wanted certainty before choosing one offer over others, and it was causing major turmoil.

This year, we’re seeing fewer offers per home, so buyers have a bit more leverage. There are no longer super-uncomfortable contingencies for inspections, financing, or appraisals. This makes negotiation easier right off the bat because there’s no reason to make unnecessary sacrifices.

Another tip to remember is to buy down the interest rate (vs. doing a price reduction). This allows you (the buyer) to ask the seller to credit your closing costs and/or pay for one-year home warranties. Sounds too good to be true, huh? It wasn’t working in 2023, but this year, the tide is turning.

Next up, don’t sleep on home inspection contingencies or repair/credit negotiations as a result of inspections. Not only do you not need to waive inspections, but as the buyer, you can get a darn good deal out of them!

And finally, because homes are receiving fewer offers in general, there’s an opportunity to purchase a home at or below the asking price. You don’t have to start spitting out dollar signs in a reckless attempt to stay ahead of the competition. Instead, make an initial offer that allows for negotiation.

The fact that these tactics are working is obviously great news for buyers, but it’s also great for the Meridian housing market as a whole. Things are coming back into balance for both buyers and sellers. Everyone is winning this year!

Of course, negotiation isn’t everyone’s artistic style. If you’re looking for a home in the Meridian area and dreading this aspect of the process, don’t sweat. Give me a call, and I’ll be happy to help guide you on the journey.