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 on the market for a while. When a listing sits longer than expected, sellers typically become more realistic and more willing to negotiate. That’s where savvy buyers are finding opportunities other buyers overlook.

Ready to see which homes are sitting longer in your area? Contact us today to get a curated list of properties!

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

According to Realtor.com, about 1 in every 5 listings (20.2%) nationwide has reduced its asking price at least once. Even with regional differences, this trend is consistent across the country. And that tells you something: no matter where you live, there’s a real chance to secure a better deal, you just need to know where to look. That’s where your agent comes in. Want to find out which homes in Richmond, Chesterfield, Henrico, and surrounding areas have dropped in price? Schedule a call with us.

The Tactic: Target Homes That Have Been Sitting the Longest

Your agent can help you identify which homes have been on the market the longest and those are the properties where you’re most likely to negotiate a discount. The longer a home sits, the more motivated the seller tends to be. Many get frustrated, and that’s when they’re more open to working with a committed buyer. Plus, since many buyers overlook these homes, you might be the only offer on the table — giving you even more leverage. 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 also highlights the advantage of buying during lower-traffic months:

“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.”

And the data backs it up. The National Association of Realtors (NAR) shows a clear trend: the longer a property stays on the market, the lower it tends to sell for compared to its original list price.

Homes that stay longer on the market tend to sell for less than the original asking price. Source: NAR.

Even a Small Discount Can Go a Long Way

Even if a home sells for around 94% of its original asking price, the savings add up fast. On a median-priced home, that can mean roughly $24,000 back in your pocket to put toward renovations, reducing your loan amount, or covering moving expenses. As Zillow explains:

“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.”

Want to see exactly how much you could save on homes in your area? Reach out today and we’ll run the numbers for you.

Even a small discount can translate to significant savings for buyers. Source: Zillow.

Bottom Line

If you want to find the best deal possible right now, start by looking where most buyers aren’t. With 1 in 5 sellers reducing prices and many becoming more flexible each week, the homes that have been sitting a bit longer may offer the biggest opportunity to save. Don’t miss out, schedule your free consultation today and let us help you find the best deals in Richmond, Chesterfield, Henrico, and the surrounding areas.