If you’re hunting for the best deal in today’s housing market, here’s the strategy smart buyers are using: focus on homes that have been sitting on the market. When a home lingers without selling, sellers often become more flexible and more willing to negotiate. That’s exactly where many savvy buyers are finding hidden opportunities, and it could be the best way to maximize your budget and protect your home value in the long run.
Price Cuts Are Happening Nationwide
According to a survey, 1 in 5 listings (20.2%) have reduced their asking price this year. And that trend isn’t limited to just a few areas; it’s showing up across the country. That means no matter where you’re buying, there could be deals to uncover. The key is knowing where to look, and that’s where a local Triangle area real estate agent comes in.
Why You Should Target Older Listings
An experienced agent can help you spot Triangle area homes for sale that have been on the market the longest. Sellers of these homes are often more open to negotiation.
And because many buyers overlook these listings, you might be one of the few making an offer. That gives you more leverage to negotiate price, closing costs, repairs, or other valuable concessions.
It’s been noted:
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 echoes this, explaining that sellers may offer lower prices or added incentives during the quieter fall and winter seasons.
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 Longer It Sits, the More You Can Save
Data from the National Association of Realtors (NAR) shows that homes sitting longer on the market tend to sell for less than their original list price. That’s good news if you’re a budget-conscious buyer.
Even modest savings can add up. For example, if you pay just 94% of the original list price, you could save around $24,000 on a median-priced home. (see chart below):
Zillow sums it up best:
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.”
Bottom Line
If you’re serious about finding a great deal on a Triangle area home, don’t follow the crowd; look where others aren’t. With many sellers cutting prices and growing more flexible, older listings could be your best opportunity to save and boost your long-term home value. Contact Linda Craft Team Realtors to discuss where to find these deals in our local Raleigh market.