Finding a good deal in today’s housing market is still possible. You just have to know where to focus.
One of the smartest strategies right now is looking closely at homes that have been on the market longer than average. When a listing lingers, sellers often become more flexible on price and terms. That’s where buyers can gain leverage.
More Sellers Are Cutting Prices
Price reductions are becoming more common. According to Realtor.com, about 1 in every 5 homes on the market this year have already had at least one price cut.
That trend shows up across the country. While every local market is different, the takeaway is the same. There are opportunities out there. You just need the right approach and the right guidance.
Why Homes That Sit Longer Can Work in Your Favor
Your agent can help identify which homes have been listed the longest. These sellers may be dealing with carrying costs, timing pressure, or simple frustration that their home hasn’t sold yet. Because of that, they’re often more open to negotiation.
Many buyers skip these listings, assuming something is wrong. But fewer buyers usually means less competition. And less competition often leads to better terms.
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.”
Bankrate points to the same trend during slower 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.”
Even a Small Discount Can Make a Big Difference
The data backs this up. The National Association of Realtors shows that the longer a home stays on the market, the lower it tends to sell for compared to its original asking price.
Paying even a few percentage points less than asking price may not sound dramatic. But those savings add up. On a median priced home, that can mean roughly $24,000 in savings.
Zillow sums it up this way:
“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 want to find better value in today’s market, start by looking where other buyers often pass.
With more sellers cutting prices and becoming more flexible, homes that have been sitting longer could be your best opportunity to save.
Let’s talk about how to find those opportunities here in Maui.
The information and opinions in this article are not investment advice. Tim Stice makes no guarantees about accuracy or completeness. Always do your own research and consult a professional before making financial decisions. Tim Stice is not liable for any loss or damage resulting from reliance on this content.
Tim Stice, Broker Realtor | Hawaii Life | Maui, Hawaii | Real Estate Agent
The information and opinions in this article are not investment advice. Tim Stice makes no guarantees about accuracy or completeness. Always do your own research and consult a professional before making financial decisions. Tim Stice is not liable for any loss or damage resulting from reliance on this content.
Tim Stice, Broker Realtor | Hawaii Life | Maui, Hawaii | Real Estate Agent
