Home buyers might have better luck saving thousands of dollars by focusing their haggling skills on items other than the home’s purchase price.

The price of the home is a major detail, especially as mortgage rates move up. But given that the housing market remains competitive in several parts of the country, home buyers hoping to negotiate down a seller’s asking price might risk losing their bid.

Financial advisers and brokers say that in certain markets, buyers should focus more effort on negotiating other costs. There are thousands of dollars in savings to be found bargaining with moving companies, mortgage lenders and utility companies even as inflation remains elevated.

Kalli and Francesco Vetrano saved about $20 to $30 a month on heating-oil costs by not choosing the first offer and negotiating among several vendors. In the end, they used a local company rather than the big-name brand whose advertisements they see all the time.

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"It really goes to show that taking the time to make a few phone calls and ask questions can save you in the long run," said Ms. Vetrano, who bought a home last year in Rockville Centre, N.Y.

Big potential savings, say advisers, often come from comparison shopping and negotiating your mortgage rate. Overall, about 72% of prospective buyers haven’t shopped around, nor have any plans to, for a mortgage that best suits their financial situation, according to a survey by Zillow Group Inc. 

Borrowers who applied with two different lenders reduced their mortgage rate by an average of 0.10 percentage point, according to research from Freddie Mac that examined purchases between 2010 and 2021. During the first 11 months of 2022, when the average mortgage rate increased at its fastest pace in 40 years and surpassed 7%, the average reduction in rate doubled to 0.20 percentage point.

Take a $400,000 home price where the buyer puts 20% down and is looking at current mortgage rates ranging from 6% to about 7%. Over 30 years, the difference between 6% and 7% could add up to roughly $75,000 savings in interest, said Ted Rossman, a consumer-spending analyst at Bankrate. 

Right now, some banks are willing to give you better terms. In exchange, however, they might ask or you might offer to pay the bank fees. As a buyer, the key is to know everything that comes with your mortgage rate.

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With mortgage volume down sharply from a year ago, many lenders want to be competitive to win business and so they might be willing to waive certain fees, said Shane Sideris, a financial adviser in Santa Barbara, Calif.

Common fees you can negotiate with your lender include origination fees, underwriting and loan-application fees, said Aniva Hinduja, general manager of home and mortgage at Credit Karma. Most lenders will give you an estimate of fees before submitting an application, she said.

Your lender might consider waiving at least some of their fees, which would be a win considering lender fees can amount to about 1% to 2% of the total loan amount, she said. For example, on a $400,000 loan, you could pay up to $8,000 in lender fees.

"It’s on you to advocate for what you want—your lender isn’t likely to offer waiving any fees proactively," said Ms. Hinduja.

A rise in mortgage rates in the past year has limited home sales and put a dent on Americans’ moving plans.

This might make some moving companies more willing to negotiate than they were during the height of the pandemic-fueled housing frenzy, said Emily Irwin, senior director of advice at Wells Fargo & Co.

The average cost of a local move is $1,250, according to Realtor.com. For long distance, it will cost a bit under $5,000 (based on 1,000 miles for a two- to three-bedroom home).

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Get quotes from at least three moving companies, said Ms. Irwin.

These quotes should be given to you in writing after an inspection of your home and belongings. See if you can pare down some of your possessions before getting quotes.

Movers will typically charge a flat fee or an hourly rate. If it is an hourly rate, be sure to ask for the estimated number of hours and request that the moving contract include a cap so you know the possible maximum bill, she said.

Negotiate not only on price, but also on fringe benefits, such as packing and unpacking your items, furniture assembly or replacement value insurance coverage if any of your belongings are damaged or lost during transit. Ask if you can have a reduced price if you are willing to move on a weekday, she said.

Once you move in, the costs to maintain your home add up quickly. Look for ways to trim those expenses, said Cheryl Costa, a financial planner in Framingham, Mass.

In exchange for a roughly 10% discount, Ms. Costa put up her landscaper’s sign on her lawn advertising their services. The sign was in her yard for about a week each spring and fall.

She has also banded together with neighbors to land a group rate on services such as driveway paving and home painting.

Mr. Rossman at Bankrate was able to save $1,000 on a hot tub last year by agreeing to provide a review that the manufacturer could use for marketing purposes.

 "You don’t get a discount if you don’t ask," he said.