Want to know how to find the best deal possible in today’s housing market? Here’s the secret. Focus on homes that have been sitting on the market for a while.
Because when a listing lingers, sellers tend to get more realistic – and, more willing to negotiate. And that’s where the saviest buyers are finding homes other buyers overlook.
Opportunity: 1 in 5 Homes Has Had a Price Cut This Year
According to Realtor.cvom, about 1 in every 5 listings (20.2%) have dropped their asking price at least once. And while so many things in today’s housing market vary by region, that number is consistent throughout the country. That tells you one thing:
No matter where you live, there’s a chance to score a better deal. You just need to know where to look. And that’s where I come in.
The Tactic: Target Homes That Have Been Sitting the Longest
I can help you identify which homes have been on the market the longest. Those are the ones where you are more likely to get a discount. That’s because the seller may be getting frustrated their house hasn’t sold yet, so they are more willing to play ball. And since a lot of buyers steer clear of homes that aren’t selling, you may be the only offer they get. So, you can lean in and push for a better deal. As 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.”
And the proof is in the data. The National Association of Realtors shows a clear pattern: the longer a home stays on the market, the lower it tends to sell for compared to the original asking price.
So, if you are serious about getting as much as you can for your money, focusing on these listings could be your best strategy yet.
Even a Small Discount Can Go a Long Way
And while paying 94% of the original asking price may not sound like much of a deal, the savings add up. That’s roughly $24,000 in savings on the median priced home.
“If you’re a buyer who is hoping to strike a deal, look for homes that have been on the market for a while and that may already have lowered prices to entice buyers. You may find a motivated seller who is more willing to negotiate: