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The days of bidding wars are fading. In fact, almost one in three Houston listings has seen a price reduction. With tens of thousands of active listings and inventory up by roughly a third year over year, sellers are adjusting expectations. Here's how to use this to your advantage:
More inventory means sellers compete for buyers. Many need to move quickly due to job changes or new home builds, so they're dropping prices to attract attention. Meanwhile, buyers have plenty of choices and can negotiate from a position of strength.
Do your homework Look up comparable sales and how long similar homes have been on the market. If a home has been listed for 30 days or more, a lower offer is reasonable.
Ask for concessions Besides price, negotiate for closing-cost credits, appliance upgrades or repairs. Sellers often prefer to concede a few thousand dollars in closing costs rather than drop the price.
Be patient but decisive Homes are staying on the market for about 50 days. Don't rush, but when you find a good deal, move quicklysomeone else will notice it, too.
Get pre-approved Sellers favor offers with financing already locked in. A strong pre-approval may allow you to negotiate a lower price or win against competing offers.
Negotiation doesn't have to be adversarial. Remember there's a person on the other side who may be selling due to major life changes. Building rapport can help get you the terms you want.
By following these simple tips, you'll feel more confident about buying your first home.
Want to get started on your home-buying journey? Text HOME to 832-639-4884 or click HERE to begin!
Inventory growth & price cuts Houston's 31.4 % inventory growth and 28.3 % price-cut rate.
Days on market & months of inventory Data showing homes staying on the market for about 50 days and months of inventory near 5.5
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