I’m an NYC Real Estate Agent: Here’s How Buyers Can Get a Last-Minute Discount

Several housing market indicators are showing signs that we’re in a strong buyers’ market. Buyers have been backing out of home purchases at high rates, with 15% of home purchases that went under contract in June being canceled — the highest percentage of any June on record, Redfin reported. In addition, 20% of homes for sale in June underwent price cuts as sellers have been finding their homes sitting on the market. These factors make sellers more motivated to keep any potential buyers interested.

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Kirsten Jordan , a New York City-based real estate agent with Douglas Elliman, believes that buyers can use the current market conditions to their advantage and negotiate last-minute discounts before finalizing the contract, also known as a re-trade.

“With pretty much every deal I’m doing right now, I’m either re-trading for a buyer or mentally preparing a seller to accept the deal,” Jordan said.

Here are Jordan’s tips for re-trading.

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Look For Defects That Could Warrant a Re-Trade

Major structural, plumbing and electrical issues are typically grounds to renegotiate the asking price, Jordan said.

“These aren’t cosmetic fixes — they are problems that affect a property’s integrity,” she said.

Consider Future Property Taxes

Buyers might also ask for a lower price in anticipation of future property taxes.

“If the appraisal comes back higher than expected, it could mean a hike in property taxes soon or in the future,” Jordan said. “Taxes affect affordability and factor into your housing overhead. I’m seeing this come up more frequently as municipalities get up to speed post-pandemic. This could mean you’re paying hundreds more a month.”

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Use Stock Market Swings To Your Advantage

A sudden stock market correction could make a seller more anxious to sell.

“Buyers get spooked when the stock market swings and then sellers feel more vulnerable,” Jordan said. “They don’t want a deal to fall through because there might not be another buyer in line, so that means they’re more likely to negotiate.”

Find Out What Comparable Properties Recently Sold For

If another home in the neighborhood recently sold for a lower price, this could be grounds for negotiation — though Jordan notes this typically doesn’t happen at the last minute.

“Recent comparable sales tell a story about what buyers are willing to pay for a similar home in the same neighborhood,” she said. “Usually, this kind of reduction happens during the initial negotiations and less so in the re-trade time period.”

Consider Time on the Market

If a home has been on the market for an extended period of time, that seller will typically be more willing to negotiate.

“Days on market is always a sore subject for any seller who’s past the 90-day mark,” Jordan said. “If you have a motivated seller with a very stale listing, you might be able to request a last-minute discount if there was a misrepresentation in the listing description, like the fireplace isn’t actually a working fireplace.”

When You Shouldn’t Ask for a Re-Trade

Although you want to get the best price possible, you shouldn’t expect a re-trade in every homebuying scenario.

“Don’t be greedy,” Jordan said. “If you’ve settled on a fair price, be grateful and gracious and move forward. You want good homeowner karma, and sometimes rocking the boat too much toward the end of the deal can make the sellers decide once and for all that you aren’t the buyers for that home.”

This article originally appeared on GOBankingRates.com : I’m an NYC Real Estate Agent: Here’s How Buyers Can Get a Last-Minute Discount