Jennifer Henning, Realtor
Okay, in answer to your question; one of our brokers pulled all of our listings a month ago addressing a question similare to your's. Right now in Oklahoma 70% of all purchase contracts have the seller paying the closing costs AND 100% of new construction contracts had the seller paying the closing costs.
Why? Letâ€™s take a look at inventory to better answer this question. In the housing market if you have an inventory level of 6 months or more, it is said to be a buyerâ€™s market. Once we drop below 6 months of inventory it becomes a neutral market. Not a buyerâ€™s market nor a sellerâ€™s market, but a neutral market. Then, once we drop down to a three month inventory, it becomes a sellerâ€™s market.
Not knowing what you are going to sell your home for, I pulled the number of active Oklahoma City homes listed for sale as of today priced from $150,000 to $200,000: 529 homes and the number of homes that have sold from July 15 to August 15: 65 homes. This then gives us an inventory of 8.4 months for Oklahoma City. What this number illustrates is if no one listed another house on the market in Oklahoma City it will take 8.4 months @ 65 homes selling per month for the inventory of 529 homes to be sold.
Your Realtor is recommending you (must is a little strong) pay the buyerâ€™s closing cost as a tool to help you sell your home and move it closer to the front of the line. Other tools we recommend are a lower selling price, sellerâ€™s home warranty, a sellerâ€™s home inspection, buyerâ€™s realtor bonus, etc. Each of these items comes with a different price tag with the lower selling price generally the highest. Keep in mind too, if your house is on the market 3 to 4 months longer, youâ€™ve paid for your buyersâ€™ closing costs in house payments. Rosie, as the other realtors have mentioned in answering your question, itâ€™s imperative your home is priced correctly in todayâ€™s market!
Did you know that in our world today 87% of the buyers start their home search on the internet? They are focusing on the different aspects of the homes in their price range and â€œseller pays buyersâ€™ closing costsâ€ is a great advertising grabber!
I certainly hope this helps you and Good Luck in selling your home! If you have any questions with this or other information, please donâ€™t hesitate to ask, Iâ€™m here to helpâ€¦..Bill.email@example.com
It is always negotiable. I would keep interviewing agents. You want one that works for YOU and puts your best interests and needs first.
Good luck with the sell of your home.
Keller Williams Northwest
Lately, most offers from Buyers have included and/or required closing cost assistance. This is because some Buyers do not have the cash to handle the 3.5-5% required on FHA/Conv loans, AND, they do not have the funds to cover loan fees. Anymore, I rarely see a "you pay yours & I pay mine". But, it does happen!
If you are not comfortable with the verbage or requests of a "potential REALTOR," keep interviewing other candidates.
Best of luck!