REGION – After several years of a highly competitive – some might say chaotic – real estate market in Vermont, recent indicators point to the fact that things might be starting to calm down. As the inventory of new listings increases, a slow shift into a more buyer-friendly market is creating more opportunities and flexibility during the negotiation process.
In a seller’s market, many homebuyers make the choice to waive the inspection to strengthen their offer, but that move can be risky. An inspection can reveal multiple issues that would otherwise go undetected, and eliminating the inspection can leave the buyer unprepared for negative health, safety, or financial consequences down the road.
However, according to the Vermont Real Estate Company in Burlington, “In this shifting market, many buyers are returning back to requesting inspections, and sellers are more likely to accept offers whether they do or don’t include an inspection.”
As the market transitions, buyers are able to negotiate more in general. Typical items considered negotiable during a home exchange include closing costs, closing date, home repairs, appliances, or other large items such as furniture.
Shelly Salas, broker and owner of Your Home Sold Guaranteed Realty, said she has negotiated concessions where sellers pay off solar panels, so the buyer owns them and the house, free and clear. “In one case the concession for the panels amounted to $60,000 in saved costs to the buyer.”
Salas advises buyers not to assume sellers won’t negotiate, and to “look to your agent to help you get the best deal. As a buyer, you may go in, and because it’s an emotional purchase, you might say ‘okay’ if the seller tells you no. We come in and negotiate for the buyer. We’re able to pull market data and see if the neighbors paid concessions. If so, we can share that data with the seller, and say, ‘I know you’re saying you don’t want to pay for this, but let me show you what your neighbors did.’ It’s powerful.”
A blog post from Vermont Real Estate Company reports, “Buyers are now starting to have more leverage, with the ability to include inspections, negotiate contingencies, and influence closing timelines. [This] allows buyers to request longer closing periods if needed, perhaps to align with the sale of their current property, or to secure financing without feeling rushed. Sellers, now facing less competition for their properties, may be more willing to accommodate these requests to secure a sale. This flexibility can lead to more balanced and mutually beneficial transactions, where both parties’ needs are considered.”
Contingencies will vary depending on the contract, but the most requested are financing and inspection. In Vermont, other contingencies frequently include well water, septic, and/or radon inspection. Talk to your real estate agent about what is important to you, while staying realistic about expectations.