If you want to find the best deal in today’s housing market, here is the key. Focus on homes that have been on the market for a longer period of time.
When a listing sits for a while, sellers often become more realistic and more open to negotiation. This is where savvy buyers are finding great opportunities that others overlook.
The Opportunity: 1 in 5 Homes Has Had a Price Cut This Year
Realtor.com reports that about one in every five listings, or 20.2 percent, has had at least one price reduction. Even though real estate trends can vary by region, this number is remarkably consistent across the country. That points to one clear takeaway.
No matter where you live, there is a real opportunity to find a better deal. You just need to know where to focus your search. This is where a knowledgeable agent becomes essential.
The Tactic: Target Homes That Have Been Sitting the Longest
Your agent can help you spot the homes that have been on the market the longest. These properties often present the best chance for a discount. When a seller has been waiting for an offer and the home is still not moving, they are usually more open to negotiating.
Since many buyers avoid listings that are not selling quickly, you may even be the only offer they receive. This gives you a stronger position to negotiate a better deal. Realtor.com explains:
“Less competition means fewer bidding wars and more power to negotiate the extras that add up: closing cost credits, home warranties, even repair concessions . . . these concessions can end up knocking thousands of dollars off the price of a home.”
Bankrate also highlights the opportunity buyers have right now:
“During the quieter fall and winter months, when fewer prospective buyers are shopping, home sellers may be more willing to lower their prices, or offer concessions, to attract those prospective buyers who are still looking.”
The data supports this trend. The National Association of Realtors (NAR) shows a clear pattern that the longer a home stays on the market, the lower it typically sells for compared to the original asking price.
If you are serious about getting the most value for your money, focusing on these longer-standing listings may be your smartest strategy.
Even a Small Discount Can Go a Long Way
Even paying 94 percent of the original asking price can result in significant savings. On a median-priced home, that adds up to roughly $24,000 in savings (see chart below).
Zillow puts it simply:
“If you are a buyer looking to find a deal, focus on homes that have been on the market for a while and may have already reduced their prices to attract buyers. You could find a motivated seller who is more willing to negotiate.”
Bottom Line
If you want to find the best deal on a home right now, start by focusing on properties that other buyers may be overlooking.
With one in five sellers reducing prices and more homeowners becoming flexible each week, homes that have been on the market a little longer could offer your best opportunity to save.
Let’s connect to discuss where to find these opportunities in our local market.
