Why Townhomes Are Popular with Today’s First-Time Buyers

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Why Townhomes Are Popular with Today’s First-Time Buyers.

Buying your first home can feel frustrating when the numbers don’t line up the way you expected. You may know you’re ready but finding something that fits your life and your budget is the hard part.

That’s where townhomes come in.

Townhomes are becoming a bigger part of today’s housing supply, and that shift is opening doors for first-time buyers in a way we haven’t seen in years. That’s because they offer a more realistic path to step into homeownership without stretching yourself too thin, especially in a market where affordability can still feel tight.

There Are More Townhomes To Choose From

Builders are building more townhomes than they have in decades. In fact, when you look at data from the National Association of Home Builders (NAHB), nearly 1 in 5 new single-family homes being built today is a townhome. That’s the highest share on record (see graph below):

a graph of a number of houses

To put that in perspective, just a decade ago, townhomes made up closer to 1 in 10 new construction homes.

That gives today’s buyers far more townhome options than they had in the past. And that’s a really good thing.

Townhomes are one of the best ways for first-time buyers to finally get their foot in the door. And seeing that there’s more available for sale means one thing: you may have more opportunity to break into the market than you think.

Here’s why they’re such a popular choice for buyers like you.

Townhomes Tend To Be More Affordable

While prices vary by market, Redfin data shows townhomes are typically priced lower than detached single-family homes nationally. And that gap has grown in recent years as the supply of this type of home has grown too (see graph below):

a graph of a number of housesThere are two main reasons you may find a better deal on a townhome today. 

Reason #1: Size 

Townhomes are usually smaller by design. Most modern townhomes fall in the 1,300–1,500 square foot range, which helps keep prices, and monthly payments, lower. Basically, it works like this. Since they usually have a smaller footprint, they’re cheaper to build, and that makes them less expensive to buy, too. Ali Wolf, Chief Economist at NewHomeSource, explains how this helps buyers:

“With the high cost of housing across the country, townhomes have emerged as a vital, more accessible entry point into homeownership. They are often priced lower than detached houses, offering buyers – especially first-timers, young professionals, and those downsizing – the chance to build equity without breaking the bank.”

Reason #2: Builder Motivation

And here’s another thing working in your favor. With more inventory than in recent years, homebuilders are motivated to sell what they’ve already built.

So, many may be more willing to negotiate, whether that means price flexibility, closing cost help, or potentially throwing in upgrades. According to the National Association of Realtors (NAR):

“. . . home builders say they’re ready to attract more first-time home buyers. They’re responding to affordability pressures through lower cost homes and builder incentives. About 40% of builders cut prices on newly built homes at the end of last year . . . Roughly two-thirds of builders also offered additional incentives, like mortgage rate buydowns.”

Bottom Line

If buying your first home feels just out of reach, the right option might not be a different timeline. It might be a different type of home.

If you want to talk through whether a townhome makes sense for you or see what’s available in your area, connect with a local real estate agent.

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It’s Getting More Affordable To Buy a Home

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It’s Getting More Affordable To Buy a Home.

There’s finally a little good news for anyone who’s been priced out or sitting on the sidelines.

Buying a home is getting more affordable.

Monthly payments have started to come down, and the squeeze buyers have been feeling for the past few years is slowly loosening. Now, that doesn’t mean everyone can suddenly afford a home, but with how tough the market’s been, the improvement we’re seeing matters.

Affordability Is Finally Moving in the Right Direction

One of the best ways to see this shift is by looking at how much of a household’s income it takes to buy a home.

According to Zillow, housing is typically considered affordable when it takes 30% or less of your monthly income to cover your expenses. That includes your mortgage payment, taxes, insurance, and basic maintenance.

For the past few years, the math was well above that threshold, and it made buying a home unachievable for many. But now, we’re slowly moving back toward a balance. Zillow research shows it’s taking less of a typical household’s income to buy a home than it did just a few years ago (see graph below):

a graph with green line and white textNow, we’re not all the way back to Zillow’s threshold of 30% of your income or less, so affordability is still tight. But things are trending in the right direction.

Why Affordability Is Improving

So, what’s driving the change? A lot of the focus lately has been on mortgage rates and how much they’ve come down over the course of the past year. But that’s not the only factor working in favor of buyers right now. Here are three trends benefiting buyers today: 

1. Mortgage rates have eased. Rates are near their lowest level in more than three years, which helps lower monthly payments (see graph below):

a graph of a low interest rate

2. Home price growth has cooled. Prices aren’t falling nationally, but they’re growing much more slowly than they were a few years ago. That means buyers today aren’t facing the same sharp jumps in purchase prices, which helps keep monthly payments more manageable – and buying more predictable. 

3. Wages are growing faster than home prices. This one matters a lot. As Mark Fleming, Chief Economist at First American, explains:

“When income growth exceeds house price growth, house-buying power improves—even if mortgage rates don’t decline meaningfully.”

None of this makes buying cheap, but it does explain why the math is starting to work a little better for buyers than it did even a just a year ago. Put simply, the forces that hurt affordability over the past few years are finally easing. Fleming again explains it well:

“Affordability remains challenging, but for the first time in several years, the underlying forces are finally aligned toward gradual improvement. Mortgage rates may drift down only slowly, but income growth exceeding house price appreciation will provide a boost to house-buying power — even in a higher-rate world. Affordability won’t snap back overnight, but like a ship finally catching a steady tailwind, it’s now sailing in the right direction.”

These three factors combined are why economists expect affordability to keep improving in 2026.

Where Homes Are Becoming Affordable First

But how much is affordability really going to improve? In some places, noticeably. Zillow says some markets are expected to fall back under their affordability threshold (30% of your income or less) by the end of the year:

a graph of the average homeowners

But that doesn’t mean you have to be in one of these markets or wait until year-end to buy. Other places are already seeing big improvements in affordability. So, talk to a local agent about what’s happening in your market. You may find you’re able to buy after all.

Bottom Line

For the first time in quite a whole, affordability is easing. That’s a meaningful shift.

And because this improvement isn’t happening everywhere at the same speed, understanding what’s changing locally is what really makes a difference. If you want to see how these trends show up in your area, talk with a local real estate agent.

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Home Insurance Costs Are Rising: What Buyers Should Plan For

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Home Insurance Costs Are Rising: What Buyers Should Plan For.

Buying a home is one of the biggest purchases you’ll ever make. And homeowner’s insurance is what protects that investment. Think of it as your safety net. NerdWallet explains it:

  • Covers Repairs and Rebuilding Costs: If your home is damaged by fire, storms, or other covered events, it helps pay for repairs and possibly even a full rebuild, if that’s deemed necessary.
  • Protects Your Belongings: It can also cover personal items like furniture, electronics, jewelry, and clothing if they’re stolen or damaged.
  • Provides Liability Coverage: And, if someone gets injured on your property, your policy can help cover medical bills or legal expenses.

But that peace of mind does come with a cost, and lately those costs have been rising.

Why Home Insurance Premiums Are Going Up

There are a number of factors causing insurance premiums to rise today. But, in the simplest sense, here’s what’s driving prices up according to the Insurance Research Council (IRC).

Severe weather events and natural disasters are happening increasingly often, leading to more claims. At the same time, homebuilding materials and labor are more expensive. So, when it comes time to work on those claims, insurers have to manage higher costs to repair or rebuild the affected homes.

That combination adds up to higher premiums. You can see how it’s climbed recently in the graph below. Each bar marks the percentage increase in insurance costs for that calendar year.

a graph of a graph showing the cost of homeowner insuranceThe good news is, the annual pace of the increase may be starting to ease according to ResiClub and Cotality. By their count:

  • In 2023 and 2024, insurance costs went up 14% a year.
  • In 2025, they rose about 10%.
  • And in 2026 and 2027, it’s expected to go up about 8% each year.

That’s still an increase, but at least the pace is slowing down. And here’s another silver lining.

While insurance costs are rising, mortgage rates are falling. And that can help offset some of this expense. As Michael Gaines, Senior VP of Capital Markets, Cardinal Financial, explains:

“Rising taxes and insurance do create pressure, but they don’t erase the benefits of a lower rate . . . A small rate improvement, paired with the right loan program and smart planning, can still make homeownership possible . . . It’s less about one factor canceling another out, and more about helping buyers layer the right solutions together.”

Costs Are Going To Be Different Depending on Where You Buy

So how much do you need to budget for this? It depends on the price point and location of house, the coverage you need, and more. And just like with everything else in real estate, costs vary by area.

You can get a rough idea of your state’s typical premiums in the map below:

So, What Can You Do About It?

Generally speaking, your first insurance payment will be wrapped into your closing costs. But after that, it’ll become a recurring expense. That’s why knowing these premiums are rising is so important. It helps you factor that into your budget, so you go in with a full picture of what you can comfortably afford.

If you’re crunching the numbers and trying to find other ways to save, here are a few tips from Insurify and NerdWallet that can help you get the best insurance price possible:

  • Shop Around – Compare quotes from multiple companies.
  • Bundle Policies – Combine home and auto for discounts.
  • Ask About Discounts – Don’t miss out on savings you may qualify for.
  • Highlight Upgrades – Features like a new roof or storm windows can cut costs.
  • Improve Your Credit – A stronger credit score can mean better premiums.

Bottom Line

If you’re thinking about buying a home, don’t forget to plan ahead for your homeowner’s insurance.

While costs are rising, knowing what to expect and how to shop around can make a big difference as you’re budgeting for your purchase. Because this isn’t coverage you’ll want to skimp on. It’s your best protection for what’s likely your biggest investment.

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Top 2026 Housing Markets for Buyers and Sellers

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Top 2026 Housing Markets for Buyers and Sellers.

Who doesn’t love a top 10 list? Well, here are two top 10 lists for the housing market this year. But before you take a look, there’s something you should know.

If a move is on your radar for 2026, here’s the most important thing you need to understand upfront: there isn’t one housing market this year – there are many.

Experts agree 2026 is shaping up to be one of the most geographically split housing markets in years. Some areas are tilting in favor of sellers, while others are opening real doors for buyers. Who has the advantage depends almost entirely on where you are. Selma Hepp, Chief Economist at Cotality, puts it this way:

“Looking ahead to 2026, regional differences will remain pronounced, with demand favoring areas that offer both economic opportunity and relative affordability.”

To show just how divided the landscape is, here’s a look at where sellers are expected to have the upper hand, and where first-time buyers may finally find their opening this year.

Where Sellers Are Poised To Win Big in 2026

Zillow identified the following metros as some of the strongest seller markets for 2026, based on buyer demand, pricing momentum, and how quickly homes are expected to sell:

a wooden house and a stack of coinsIn markets like these, buyers are going to be competing for limited inventory, which gives sellers more leverage.

Homeowners in seller’s markets this year can expect:

  • Stronger buyer interest

  • Shorter time on market

  • Better odds of selling close to (or above) asking price

That doesn’t mean every listing is guaranteed success. But it does mean sellers who prepare well and lean on an agent’s expertise should be very happy with their results in 2026.

Markets Where There’s More Opportunity for First-Time Buyers

On the flip side, here’s a look at where buyers have the power – in particular, first-time buyers, since they’ve had the hardest time breaking into the market lately. Realtor.com highlights the top metros where first-time buyers are expected to have better opportunities in 2026:

a girl riding a skateboard in front of a houseThese markets stand out for a mix of:

  • More affordable home prices

  • Better housing availability

  • Strong local amenities and economic health

For first-time buyers, that combination matters. It’s what could finally turn “someday” into “this could actually work.” In buyer’s markets, they should expect:

  • Less intense competition

  • More room to negotiate

  • A clearer path to getting an offer accepted

What Matters More Than Any Top 10 List

Not seeing your city on the list? Don’t stress. This is just a national snapshot, not a judgment on your local market. The goal here is just to show you how different the market really is depending on where you are.

And remember, you can buy or sell no matter how your local market leans. You just need an agent’s help to figure out the right strategy to get it done. For example:

  • A seller in a more buyer-friendly metro may need to be aggressive on their price and prep.

  • A buyer in a seller-leaning area may still need to come prepared with their best offer.

To find out where your market falls and what you should expect, you’ll want the help of a local expert.

Bottom Line

The housing market in 2026 isn’t one-size-fits-all. It’s a year where local conditions matter more than ever.

Whether your market leans more buyer-friendly or seller-friendly, the right strategy can put you in a strong position. And that’s where a local expert comes in. Connect with a trusted real estate agent today.

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The Credit Score Myth That’s Holding Would-Be Buyers Back

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The Credit Score Myth That’s Holding Would-Be Buyers Back.

Would-be homebuyers aren’t sitting on the sidelines because they don’t want to buy. They’re sitting out because they think they can’t. And sometimes, it’s their credit score that’s holding them back.

According to a Bankrate survey, 2 out of every 5 (42%) Americans believe you need excellent credit to qualify for a mortgage. That may be why, when renters are asked why they don’t own yet, “my credit isn’t good enough” comes up often.

Maybe you’re in the same boat. You look at your score, see it’s not where you want it to be, and assume buying your first place just isn’t realistic right now.

But here’s what you need to know.

Even though a lot of people assume you need flawless credit to buy a house, that’s not necessarily the case.

You Don’t Need Perfect Credit To Buy a Home

So, where’s this myth come from? Part of the confusion stems from the fact that the typical homebuyer today does have a fairly strong credit score. In fact, according to data from the NY Fed, the median credit score for all buyers is 775.

But that doesn’t mean you need a score that high to qualify.

Looking at recent homebuyers, a number were able to get a mortgage with scores below that threshold. Data shows 10% of scores were around 660. Which means some were higher than that and some were lower, but the median in that lowest 10th percentile was around that range (see graph below):

a graph showing a line graphSo, even if your score isn’t as high as you want, that doesn’t automatically close the door. FICO explains there is no universal credit score you absolutely have to have when buying a home:

“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single ‘cutoff score’ used by all lenders, and there are many additional factors that lenders may use . . .”

The best thing to do is to talk to a trusted lender to see what’s possible for you. Because a portion of buyers are buying with scores in the 600s – and maybe that means you can too.

Bottom Line

Your credit score is important. But that doesn’t mean it has to be perfect.

If credit has been the reason you’ve been waiting to buy a home, it might be time to take another look at your options. If you want help understanding where you stand and what your next step could be, connect with a local lender.

You don’t need to have everything figured out to start the conversation.

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Why Pre-Approval Should Be Your First Step – Not an Afterthought

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Why Pre-Approval Should Be Your First Step – Not an Afterthought.

Finding the right home feels exciting – but being pre-approved for your loan is what makes it possible. Whether you’re planning to buy soon or still just thinking about it, getting pre-approved is one of the best moves you can make. Here’s why.

1. What Is Pre-Approval, Really?

Pre-approval is much more than a guess. It means a lender has reviewed your finances (things like your income, assets, credit score, debts, and savings) and told you how much they’re willing to let you borrow for your loan.

It’s basically a reality check for your home search, so you can make sure it aligns with your budget and shop confidently when you’re ready to go.

2. Why It’s a Power Move (Especially Right Now)

The housing market’s been shifting lately with mortgage rates moving, prices moderating, and inventory rising. So, knowing what you’re working with in the current market is a big reason why pre-approval matters. Here’s what it gives you:

  • Clarity: You’ll know what you can afford before you fall in love with a house that’s potentially out of reach.
  • Confidence: Sellers will take your offer seriously when they see you’re pre-approved because you’re not a risky buyer.
  • Control: If rates come down and you want to jump on the moment, you’re already a step ahead with your plan.

As Experian explains:

“. . . you’ll want to make sure you receive your preapproval letter before you start looking at homes so you can submit a strong offer as soon as you find what you want. The process can take anywhere from a day to a few weeks, so if you procrastinate, you may lose out to a competing offer.”

And once you find a home you want to put an offer on, pre-approval has another big perk. It not only makes your offer stronger, it shows sellers you’ve already undergone a credit and financial check. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”

Translation: Pre-approval helps you make stronger, more informed decisions – and it helps you avoid missing out on a home or getting stuck on the sidelines when the right one hits the market. Because the reality is, competition might be lower these days, but desirable homes (especially the ones that are priced well) still go quickly.

3. Don’t Wait Until You’re “Ready”

Think of it this way: pre-approval doesn’t mean you’re buying a house tomorrow. It just means you’ll be ready when the time comes. And most pre-approvals are good for 60–90 days and can be refreshed easily if your plans change.

So, here’s a good place to start. Ask yourself this question: “If the perfect home came along today, would you be ready to make an offer?”

If your answer is “not quite,” then pre-approval is your next step.

Bottom Line

Pre-approval doesn’t box you in. It opens doors.

In today’s market, buyers who win aren’t the ones who wait. They’re the ones who plan. So, if you’re even thinking about buying in the next few months, get ahead of the game by connecting with your agent and a trusted lender.

They’ll help you understand what how the process works and walk you through every step along the way, so when the right home pops up, you’re ready.

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Not Sure If You’re Ready To Buy a Home? Ask Yourself These 5 Questions.

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Not Sure If You’re Ready To Buy a Home? Ask Yourself These 5 Questions..

If you’re trying to decide if you’re ready to become a homeowner in the next twelve months, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates, home prices, the current state of the economy, and more. And, you’re juggling how all of those things will impact the choice you’ll make. It’s a lot.

But here’s what you need to remember. While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:

“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”

So, instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether or not you’re ready to make your move.

1. Do you have a stable job?

Buying a home is a big commitment. You’re going to take out a home loan stating you’ll pay that loan back. Knowing you have a reliable job and a steady stream of income is important and will give you peace of mind for a purchase so large. 

2. Have you figured out what you can afford?

If you have a reliable paycheck coming in, the next thing to figure out is what you can afford. This depends on your budget, spending habits, debts, and more.

At this point, it helps to talk with a trusted lender. They’ll be able to tell you about the pre-approval process and what you’re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs, and other expenses you’ll want to budget for. That way, you have a good idea of what to expect. 

3. Do you have an emergency fund?

As you crunch your numbers, you’ll want to make sure you have enough cash left over in case of emergency. Think about it. You don’t want to overextend on the house, and then not be able to weather a storm if one comes along. It’s not a fun topic, but it’s an important one. As CNET says:

“You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.”

4. How long do you plan to live there?

It was mentioned above, but buying a home comes with some upfront expenses. And while you’ll get that money back (and more) as you gain equity, that process takes some time. If you plan to move again soon, you may not recoup your full investment.

So, how long should you stay put in an ideal world? Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.”

So, think about your future. If you’re going to live there for a while, it may make sense to go for it. But, if you’re looking to sell and move within a year or two because you’re planning to transfer to a new city with that promotion you’ve been working so hard for, or you anticipate you’ll need to move to take care of family, those are things to factor in. 

5. Do you have a team of real estate professionals in place?

If you do, great. But if you don’t, finding a trusted local agent and a lender is a good first step. Having the right team can make figuring out everything else easier. The pros can talk you through your options and help you decide if you’re ready to make your move, or if you have a few more things to get in order first.

Bottom Line

If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, connect with a local real estate professional.

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Turning a House Into a Home: The Benefits You Can Actually Feel

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Turning a House Into a Home: The Benefits You Can Actually Feel.

There’s a lot of conversation about home prices, mortgage rates, and affordability right now – and those things are important. But if you’re thinking about buying a home, it’s worth remembering something the headlines rarely talk about: people don’t buy homes just for financial reasons. They buy them for their lives.

Because while homeownership can absolutely be a smart long-term financial move, it also comes with some emotional benefits spreadsheets just can’t capture. Maybe that’s why a 2025 survey from Fannie Mae notes:

“Consumers were twice as likely to mention lifestyle benefits (67%)—like security, customization, and outdoor space—than financial benefits (34%) when explaining why their homes have become more important in recent years.”

Here are a few reminders of what owning a home gives you that renting never will.

1. A Milestone You Get To Be Proud Of

Buying a home is a big deal. First home, fifth home – it doesn’t matter. It’s a moment you’ll remember. And when you finally get those keys and walk through the door, that feeling of “I did this” hits different. It’s not just a purchase. It’s an accomplishment.

2. A Place That Feels Like Your Reset Button

Life is busy. Having a place that’s truly yours where you can shut the door, take a breath, and settle into your own routine is something renters rarely talk about until they finally experience it. Home becomes the place you go to recharge, not just the place your mail is delivered.

3. Space That Fits the Way You Actually Live

Need a quiet corner for work calls? A backyard big enough for the dog that thinks it’s a person? A shorter drive to see the people who are most important to you? When you own, you get to choose a space that fits your life now and where it’s heading – and it just feels right.

4. Freedom To Make It 100% Yours

Want to paint the kitchen navy? Go for it. Thinking about a wall of floating shelves or a bold wallpaper moment? Do it. Need space for a home gym or a reading nook? Make it happen. Homeownership gives you the freedom to shape your space instead of asking for permission to change it.

Bottom Line

Buying a home isn’t only about dollars and data points – it’s about building a life you love.

So, if you’re thinking about a move in 2026, keep the emotional side in the conversation too. And when you’re ready to explore your options, reach out to a trusted local agent who can guide you through the process with clarity and confidence.

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How To Stretch Your Options, Not Your Budget

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How To Stretch Your Options, Not Your Budget.

One of the biggest homebuying advantages you can give yourself today is surprisingly simple: a flexible wish list.

Think of it like this. Your wish list and your budget are the guardrails of your search. And when your budget needs to hold firm, there’s another lever you can pull. That’s seeing if you truly need all of your desired features. Because the truth is, a small compromise could be the difference between feeling stuck and getting the keys to your next home.

The data shows more buyers are using that strategy to offset affordability hurdles in today’s market. A recent study from Cotality found most buyers (70%) ended up compromising on one or more items from their original wish list. But before they started searching, only 33% expected to compromise at all:

a blue and grey pie chartWhat changed? They realized something during the search. The things you can’t change matter far more than the things you can update later.

You can:

  • Install hardwood floors
  • Put in those marble countertops
  • Upgrade the bathrooms down the line.

You can’t as easily:

  • Add land
  • Tack on more bedrooms or bathrooms
  • Move the house closer to people you care about

In the end, things like the location, layout, and overall bones matter far more than the cosmetic features you can change later. And that realization is power.

A Simple Step That’ll Open More Doors

So, if you’re hitting a wall in your search or you’re browsing online and just not seeing “it,” here’s an easy exercise that can reset the whole experience. Write down everything you want in a home, then sort it into three buckets:

  • Must-Haves: Your non-negotiables. The things that make daily life workable: the number of bedrooms, the length of your commute, accessibility, safety, or being close to your family or support system.
  • Nice-to-Haves: Features you’d absolutely enjoy but aren’t truly essential. Some examples: a fenced-in backyard, dual closets in the owner’s suite, or a stamped patio.
  • Dream Features: The extras that would truly be over the top. They’re the things you think about when you say “one day, I want to have…” It’s great if you get them, but totally fine if you don’t (for now).

Once you divide your list, you’ll notice something. Your wish list can either limit your options or open them up.

Sometimes you’re treating “nice-to-haves” like “must-haves.” Loosen that up even a little, and suddenly more homes come into range – including homes you may have scrolled past that could actually work for your lifestyle.

Small Flexibility, Big Payoff

Your next home doesn’t need to check every box. It just needs to check the right ones.

Maybe that means considering a house that needs light cosmetic updates. Maybe it means choosing a slightly smaller yard for a better location.

These aren’t sacrifices. They’re worthwhile trade-offs that get you into a home. Just remember, anything cosmetic can be upgraded over time. But getting the right bones, the right layout, the right location? That’s what sets you up for the long run.

An Agent Helps You See the Possibilities

If you’re not sure what to hold firm on and where you can flex, that’s where a trusted agent can be a game changer. They’ll help you spot the opportunities, walk you through what features you truly shouldn’t budge on, and determine which ones you can add later – when the time is right.

Bottom Line

If you’re ready to find a home that fits both your budget and your life, talk to an agent and look at your wish list together. With a local expert on your side, it’s easier to see where a little flexibility can open up a lot more opportunity.

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How To Find the Best Deal Possible on a Home Right Now

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How To Find the Best Deal Possible on a Home Right Now.

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 sitting on the market for a while.

Because when a listing lingers, sellers tend to get more realistic – and, more willing to negotiate. And that’s where the savviest buyers are finding homes other buyers overlook.

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%) have dropped their asking price at least once. And while so many things in today’s housing market vary by region, that number is consistent throughout the country. That tells you one thing…

No matter where you live, there’s a chance to score a better deal. You just need to know where to look. And that’s where your agent comes in.

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. Those are the ones where you’re more likely to get a discount. That’s because the seller may be getting frustrated their house hasn’t sold yet, so they’re more willing to play ball.

And since a lot of buyers steer clear of homes that aren’t selling, you may be the only offer they get. So, you can lean in and push for a better deal. 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.”

And they’re not the only ones calling out the opportunity you have right now. Bankrate also says:

“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 proof is in the data. The National Association of Realtors (NAR) shows a clear pattern: the longer a home stays on the market, the lower it tends to sell for compared to the original asking price.

a graph of green rectangular objectsSo, if you’re serious about getting as much as you can for your money, focusing on these listings could be your best strategy yet.

Even a Small Discount Can Go a Long Way

And while paying 94% of the original asking price may not sound like much of a deal, the savings add up. That’s roughly $24,000 in savings on the median priced home (see chart below):

Zillow sums it up best:

“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 the best deal possible on a home right now, start by looking where others aren’t.

With 1 in 5 sellers cutting prices and many growing more flexible by the week, the homes that have been sitting a little longer could be your best opportunity to save.

Talk to a local agent about where to find them in your area.

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