How to negotiate a lower home price in today's economy, according to experts
You may not have to pay asking price for the home you're eyeing right now, experts say. Here's how to do that.
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If you've been trying to buy a home this year, you've likely seen the wide fluctuations occur in mortgage rates . By late February, the average 30-year fixed mortgage rate had dropped to 5.87% , the lowest point since September 2022, according to Freddie Mac.
Things changes, though, when the war in Iran pushed oil prices and inflation higher , and mortgage rates followed. The average 30-year fixed rate now stands at 6.87% as of early August, a full percentage point higher than it was just a few months ago. On a $375,000 loan, that 1% increase adds about $245 to the monthly payment.
But the news isn't all bad. In some cases, buyers may be able to take advantage of this year's rate volatility to potentially negotiate a lower home price. We asked three mortgage professionals how buyers can do that — and which strategies are working now. Here's what they had to say.
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How to negotiate a lower home price in today's economy, according to experts