Strike a Deal
How much it pays in Houston to negotiate your home's price
For big purchases, there's no such thing as a hard and fast "list price." You're expected to negotiate on cars, mattresses, and especially your house — but it turns out where your home is located could help determine your savings.
Financial website SmartAsset took a look at 100 of the U.S.'s biggest cities to see where it really pays to negotiate when buying a home, and three Texas locales land high on the list.
After comparing the percentage of listings with a price cut and the median price reduction, the site declared Buffalo, New York, the city that's most likely to cut you a deal. There, homes saw an average price reduction of 3.93 percent between August 2019 and September 2020, the highest in the study.
For comparison, Houston ranks No. 15 with a median price reduction of 2.26 percent. It showed 19.32 percent of homes listed during the studied time experienced a price cut.
Dallas-Fort Worth lands at No. 25, with 19.44 percent of homes slashing prices while on the market, for a median 1.92 percent reduction.
SmartAsset also found that price reductions aren't uncommon, no matter where you're looking to buy. Across all 100 metro areas in the study, an average of 15.70 percent of home listings had a price cut.
What's more, the average price reduction across all locales was 2.4 percent. As anyone's who's bought a home knows, even a small percentage off can translate to big savings over the life of your loan. So even if you aren't sure your negotiation tactic is going to work, research has proven it usually can't hurt to go in with an offer lower than the listing price.