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.
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.
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."
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."
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