Good question. There are some good answers below..but your agent should give you the advice you need. I would first run the comps..because maybe your list price offer is still below market...or it could be 20% above market. This is the first step..2nd the amount of closing assistance depends on YOUR loan and YOUR needs. FHA will allow 6% of the sales price. This would be a foolish amount for most people to ask for because the closing costs here in N. VA are not that much...so any unused money reverts back to the seller..unless properly structured. If you have a conventional loan of less that 90% then the cap is 3%. Above the 90% seller contribution can be up to 6%...this sometimes can be useful for higher tax bracket individuals.
So to ask what percentage of sales that sellers are paying closing costs..well really it depends on price range..asking price..and a myriad of other factors. Start with the CMA and work from there. Good luck to you!
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
It depends on the total offer; terms, price and conditions. Some agents say they "usually ask" for a percent. OK. Issue is if a low ball - the concessions will probably between none and pretty low. Otherwise check the area and perhaps neighborhood comps with your buyers agent & see what is happening in your market area.
You are in a local market nearby to me. I haven't seen an exact percentage of sales that sellers offer closing help. However, in my experience the majority of the transactions that I have been involved in the last year on the buying and selling side have given contribution.
I think giving a little bit of help towards the buyers closing costs, goes a long way. This is especially true in the situation you are describing where the buyers are giving the asking price.
There are a lot of circumstances though such as date on market, how hot the property is in the area, etc that may dictate the seller to refuse to give closing help.
If they come back with a counter offer without the closing help, perhaps it might be something to think about offering a higher price and then asking for the difference in closing help.
Hope that helps you out a little bit.
Long & Foster Realtors
Downtown Silver Spring
The most I have seen these days has been around $11,000.
Your agent should know what to ask for.