Looking for the best deal in today’s housing market? Here’s a tip: pay attention to homes that have been on the market for a bit. These properties often have more room for negotiation and can offer better value.

When a listing sits on the market for a while, sellers usually become more reasonable and open to negotiating. That’s exactly when the smartest buyers step in to find great homes that others often miss.

The Opportunity: 1 in 5 Homes Has Had a Price Cut This Year

Did you know that about 1 in 5 home listings—roughly 20%—have dropped their asking price at least once? According to Realtor.com, this trend is pretty consistent across the country, no matter where you look. That really says something about the current housing market.

No matter what neighborhood you’re in, there’s always a chance to find a better deal. The key is knowing where to search, and that’s exactly why having an agent by your side makes all the difference.

The Tactic: Target Homes That Have Been Sitting the Longest

Your agent can point out which homes have been sitting on the market the longest. Those are usually the ones where you have a better shot at negotiating a discount. Sellers might be getting frustrated that their house hasn’t sold yet, making them more open to offers.

Many buyers avoid homes that have been sitting on the market, so you might actually be the only one making an offer. That gives you the advantage to negotiate and aim for a better price. As Realtor.com points out:

““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.”
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— Realtor.com

And they’re not the only ones pointing out the opportunity you have right now. Bankrate mentions it too:

““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.”
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— Bankrate

The data speaks for itself. According to the National Association of Realtors (NAR), there’s a clear trend: the longer a home sits on the market, the more likely it is to sell for less than the original asking price.

If you really want to make the most of your money, concentrating on these listings might be the smartest move you can make.

Even a Small Discount Can Go a Long Way

Even though paying 94% of the original asking price might not seem like a huge discount, it actually adds up to significant savings. For the median-priced home, that’s about $24,000 saved (see chart below).

Zillow puts it simply:

““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.”
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— Zillow

Bottom Line

If you’re looking to score the best deal on a home right now, try searching in areas that others might be overlooking.

Right now, about one in five sellers are lowering their prices, and many are becoming more flexible every week. That means homes that have been on the market a bit longer might be your best chance to get a great deal.

If you’re wondering where to find them around here, let’s dive into the best spots in our area.