Is Now The Time To Press For A Price Reduction?

The pandemic ushered in one of the most unbalanced housing markets in recent memory: Sellers called all the shots, and buyers made all the concessions. Now, for the first time in years, homebuyers have regained some leverage — and, in some places, especially formerly hot markets like Texas and Florida, they even have the upper hand.

“There’s still far more homes for sale than there are buyers,” says Heather Long, chief economist at Navy Federal Credit Union. “This summer is a buyer’s market, and that won’t change until mortgage rates are back near 6 percent again — or below.”

If you’re shopping for a home, you no longer need to make an offer immediately, offer above the asking price or waive the home inspection. But how hard can you push for a price reduction if the seller hasn’t already provided one? It depends on local market conditions and the individual seller’s motivation.

Buying tactic: Know your local market

U.S. home prices keep setting new records, but the pace of growth has slowed. According to the latest Case-Shiller Index, released July 29, home values increased in May by 2.3 percent over the previous May. That’s down from April’s 2.7 percent increase, and it continues a recent trend of gradually slowing appreciation.

Meanwhile, the National Association of Realtors (NAR) reports a 2.7 percent decrease in sales of existing homes in June — traditionally one of the busiest months for homebuying — relative to the prior June.

Further, according to NAR data, home prices declined in nearly a quarter of U.S. metro areas during the second quarter of 2025. In the Florida markets of Sarasota-Bradenton and Punta Gorda, for example, median prices were down about 12 percent over the past year. If you’re buying in one of these areas, you’re much more likely to have success if you make an offer that’s under asking.

The pendulum finally has swung back in buyers’ favor in a lot of markets.

— Philippa Main
Realtor, Samson Properties and Future Home Realty

“The pendulum finally has swung back in buyers’ favor in a lot of markets,” says Philippa Main, an agent at Samson Properties in Arlington, Virginia, and Future Home Realty in Tampa.

Keep in mind that sellers in some markets — especially in the Midwest and Northeast, where the pace of new construction is slow — continue to enjoy strong appreciation. For instance, Case-Shiller reports that prices rose more than 7 percent year-over-year in the New York City metro area and more than 6 percent in Chicagoland.

Buying tactic: Count days on market

Beyond taking the pulse of your local real estate market, how can you tell if a specific seller might be ready to bargain? One crucial indicator is the length of time the property has languished on the market.

“A month is around when a seller is going to start to panic,” Main says. “Their next mortgage payment is coming up or just came due.”

“Once a property crosses 14 days, the sellers are probably getting a little itchy,” says Scott Bergmann, broker-owner at Realty One Group Authentic in Omaha, Nebraska.

Another potential sign is a property that disappeared from listings, then reappeared. Perhaps a deal fell through, and the seller is feeling motivated. Take a look, too, at when the seller purchased the property. If the last transaction happened in 2023, when mortgage rates were at 8 percent, perhaps the seller is eager to move on. But if the seller refinanced in 2020 or 2021, you might need a strong offer to convince them to give up that 3 percent mortgage rate.

Buying tactic: Bargain — but not too hard

As momentum has shifted in favor of buyers, formerly common practices such as contingencies for home inspections and appraisals are back in vogue. 

Buyers do have a lot more opportunity to ask for some of the simple requests we had to forego a few years ago.

— Scott Bergmann
Broker-Owner, Realty One Group Authentic

“Buyers do have a lot more opportunity to ask for some of the simple requests we had to forego a few years ago,” Bergmann says. “It’s normalizing.”

But that doesn’t mean you can — or should — ask for the moon. If you’re serious about buying, choose one or two things that are most important to you. Don’t beat the seller up on multiple fronts.

“You want to show goodwill,” Main says. “Pick your battles.”

Perhaps price is important to you, but you’re flexible on the closing date. Or if the seller is dangling a mortgage rate buydown, or offering to cover some closing costs, you may agree to a higher sale price.

A caveat: Many sellers are stubborn

Mortgage rates fell to record lows during the pandemic — and that sparked a nationwide party in the housing market. Now the hangover is here, headlined by the mortgage lock-in effect. Homeowners with 3 percent mortgage rates aren’t eager to trade their sweet deals for rates of 6.5 percent or more. And many aren’t eager to accept less than top dollar for their homes, no matter what the market is saying.

“Sellers aren’t super-motivated to make meaningful price reductions if they don’t have to,” says Mike Chambers, head of home-selling startup Ridley.

The lock-in effect is a major reason that home sales have been plodding along at historically low levels for the past couple of years — and it’s one headwind in a housing market that’s finally creating tailwinds for those hoping to own.

For long-beleaguered buyers, today’s market presents an opportunity. But those opportunities aren’t equally available. Just how hard you can push for price cuts or other concessions depends on your location and the home you want to buy.