Why Now May Be a Great Time to Negotiate Your Next Home Purchase

If you’re looking to buy a new home in the coming months or later this year, you may be “waiting it out” due to unattractive interest rates and other economic factors that have made life more expensive. However, you may want to rethink the waiting game. Here’s why: Many buyers are playing the waiting game, leaving sellers with fewer offers and more days on market. This means that sellers are more open to negotiations, giving buyers more leverage than they had one year ago. This could mean great news for your home search and purchase.

Here are some ways buyers are leveraging today’s market:

Price Adjustments: When the market slows and sellers don’t receive the offers they were expecting — whether that’s because of an incorrectly priced home or other market conditions — often sellers need to align with the market and reduce their price. Sometimes this happens a few (or several) times during the life of a listing. As a buyer, noticing price adjustments can be a great way to recognize an opportunity for negotiation.

Days on Market: As a home sits on the market, the “days on market” increase and buyers begin to wonder why. Is something wrong with the property? Why haven’t they received an offer? This in turn makes sellers anxious, and more open to price reductions and concessions.

Seller Concessions: Sometimes, a home seller agrees to cover certain costs for the buyer to help secure the sale. Concessions can make it easier to afford the home by reducing the buyer’s out-of-pocket expenses. The most common concession is closing costs. During the height of the market when competition was so high, concessions all but disappeared. They are back, and a great way to negotiate a good deal you can afford. Prepaid expenses are a great way to take advantage of seller concessions. Depending on the property and interest, you may think about requesting concessions like property taxes, homeowners insurance or HOA fees for a set period.

Mortgage Rate Reality: Rates are higher than they have been in many years. This is a reality of borrowing today. With more of a buyer’s market in play, buyers can use the rate as a negotiation tool for price reductions or seller-paid rate buydowns.

New Construction Incentives: There are some new construction developments in the works in Bend. In today’s market, it’s wise to see what kind of discounts, upgrades and rate incentives builders may be offering in order to move their inventory as they build.

Bottom Line: The message that “now is not a good time to buy because of high interest rates” may not be the best advice to follow. During times of low demand, deals can be found. And with some creativity and strategy, it’s possible to negotiate for a home that you can afford.

This article appears in The Source Weekly March 13, 2025.