The real estate market is fluctuating as we speak, but one thing is for certain: Buying a house is expensive. Especially with the pandemic pushing people out of larger cities and inflation, housing prices are through the roof, so wherever we can snag a good deal, we'll take it. According to new research from Zillow, housing discounts do exist, but you'll need to negotiate on a particular day of the week.
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This fall, a record number of sellers cut their listing cost, and a whopping 18.5% of them lowered their asking price on a Thursday. Although the overall consensus is that Thursdays are the most promising day to see a discounted price, it seems to vary by metro area.
In Philadelphia and Baltimore, asking prices were most likely to decrease on a Tuesday. Detroit, Cleveland, and Buffalo see the most discounts occur on Mondays. However, no matter where you're looking to move, generally there are fewer price cuts on Friday through the weekend, since sellers are typically busy with showings.
As for time of year, the best time to bargain is between July and September, as homeowners that didn't sell in the spring or early summer may be more likely to offer up a discount. But this is contrary to this year's statistics, considering 28% of sellers have already cut their listing price this fall.
"Fall and early winter sellers likely understand the market is slower during the colder months and may have built that into their pricing strategy, resulting in fewer price cuts," said Zillow senior economist Orphe Divounguy in a press release. "This year may be the exception. This fall, a record number of sellers have already adjusted their list price to keep up with the rapidly shifting market. The price they set just weeks ago may no longer be attainable in light of rising mortgage rates and falling demand."
While discounts are usually modest (between 2.6% and 3.8%), any bargain is enticing in today's current real estate climate. You can read up on the full report on the Zillow website.