Buying A New Home? Haggle!

Buying A New Home? Haggle!


The current housing market is a wonderful ally for home buyers, as home values drop and sellers are willing to negotiate. Home shoppers previously shut out of some local markets are discovering that the scales have tipped in their favor, potentially saving them tens of thousands of dollars over last year’s prices.

mortgage applicationStill, there are other ways for buyers to save, even beyond the cost of the house itself. Lets take a look at the three areas where home buying costs can be trimmed:

At the point of sale — Maybe you aren’t aware of just how depressed the housing market is in the area that you live. It can be easy to miss especially if you live in a metropolitan area where some neighborhoods are experiencing steep declines in housing values while others are stable, even rising. Get with a realtor who can supply the information that you need for the area you are considering. She’ll be able to go over the buying and selling trends including how long homes are on the market, recent sales, etc.

At the point of financing — Competition is fierce in the mortgage industry, especially as the number of mortgage companies suffering from the sins of their past (i.e., interest free and other risky loans) continues to rise. Even mortgage companies who aren’t saddled with a lot of bad loans are finding that their customer base has shrunk with many laying off workers. The remaining companies all want your business and, if your credit score is at least 700, you are the catbird seat. Negotiate the lowest rate and fees possible and get that information in writing — brokers would love for you to pay more for your mortgage (higher commissions for them), but if your credit is excellent you can avoid the heavy fees and higher interest rates.

At the point of closing — Closing costs can easily add up to $5000 or more, making the day that you buy your home one filled with mixed emotions: on the one hand you’re happy to get the home, but on the other hand, your wallet just took a huge hit. Some mortgage companies are absorbing most if not all of the closing costs to entice you to their product which is fine but only if you aren’t getting hit with a higher interest rate and other fees. You can also ask the home’s seller to pay for some of these fees too, perhaps making closing day pain free from a financial vantage point.

Take Advantage of the Market While It Lasts

Not everyone is in a financial shape to buy a home now, but if you are you just could find yourself owning a home that will appreciate greatly once the market rebounds. Buy at a price below market value, secure the best loan available, and have someone else pay your closing costs, to save tens of thousands of dollars on the price of your new home. Current market conditions will change — waiting for prices to bottom out could mean that you will miss a perfect opportunity to jump in.

Adv. — Once you buy your home, will you need to renovate it? If so, Let’s Renovate has lots of cool ideas and project information to ensure that your renovation goes according to plan. Stop by today to lay the foundation for your new home renovation project!


end of post idea


Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

facebook linkedin pinterest

Amazon Affiliate Disclosure: is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to The commission earnings are used to defray our cost of operation.

View our FTC Disclosure for other affiliate information.

Categories: Home Buying

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".