A dream home in a dream neighborhood might seem out of reach these days, but some homes in highly desirable, expensive neighborhoods can still sell for less than the asking price.
And experts say that there are ways to spot those opportunities without sabotaging buyers’ chances.
In 2026, Realtor.com® forecasts a steadier housing market but anticipates that mortgage rates will decrease only slightly, averaging 6.3%. At the same time, Realtor.com economists expect home prices to “rise modestly by 2.2%.”
With this in mind, putting in an under-ask offer may actually be possible this year.
“The list price is always, only, ever, marketing. It is not value. Listing agents often forget this, sellers struggle to accept it, buyers treat the list price like gospel, and buyer agents too often use it as an anchor to value. That misunderstanding is the root of most bad advice around under-ask offers,” said Nancy Chu, owner and team leader of Nancy Chu Homes.
The signals that a listing may accept an under-ask offer
There are multiple ways to identify listings where sellers may be open to negotiation.
The first is the number of days on the market.
Thomas O’Shaughnessy, vice president at Clever Offers, said that in prime neighborhoods, competitively priced homes are usually “flying off the market in 10 to 20 days.”
Another signal is recent price cuts, multiple reductions, or a “phantom price cut.”
“It’s already noteworthy if the home has already spent 30 to 45 days on the market or longer. It’s significant if the home has already lowered its price on the market, no matter how small an amount,” he said.
Greg Field of Selling Solar Homes recommends looking for listings that haven’t officially cut the price but have been “refreshed” (re-listed) to hide the history.
“Sophisticated buyers see through this and recognize it as a signal of a seller who is frustrated but stubborn,” he said.
Field noted that marketing mismatches are another sign to look for.
“In a $3 million-plus market, if the photos are subpar or the description is three sentences long, it often indicates a listing agent who has lost momentum or a seller who is difficult to work with. Both are leverage points for an under-ask offer,” he added.
Seasonality is also key. For instance, homes in South Florida in the summer that have been on the market for a while in a heavy inventory market are prime for a lower price, said Jeff Lichtenstein, CEO and broker of Echo Fine Properties.
Which red flags are real opportunities vs. false hope
Finally, awkward layouts, dated interiors, or niche features can be an in for negotiation. Homes with unusual features—like an indoor shooting range, an oversized recording studio, or a museum-style layout—limit the buyer pool, according to Field.
“The more specific the home, the more likely the seller is to entertain a reasonable bird in the hand,” he said.
Angelica VonDrak, associate broker with Houlihan Lawrence, said that real opportunities are the flaws you can solve.
For instance, a dated kitchen, aging roof, or cosmetic issues can be addressed and often create upside if the after-repair value supports the investment. The deal-breakers are the elements you cannot change.
“If the location is compromised, the neighbors are too close, or there is a noise or commercial issue nearby, those are permanent,” she said.
In addition, budget plays into this: If a buyer can afford the updates and the numbers make sense, a property with surface-level drawbacks can be a smart under-ask opportunity.
Why these listings sometimes linger even in strong neighborhoods
Simply put, homes stall when they are overpriced for their condition, VonDrak said, as even in the most desirable locations, buyers hesitate to “overpay” for a property that still needs meaningful updates.
“If the finishes feel dated, systems are past their useful life, or major repairs are needed, the buyer pool shrinks quickly unless the home is priced to reflect the work ahead. A strong location alone isn’t enough to overcome a valuation that feels out of sync with the actual product,” she added.
Alex Mendel, a real estate agent at Keller Williams Realty Boca Raton, echoed the sentiment, noting that the luxury market is not immune to stale listings. Mendel said that a prime example is Royal Palm Yacht & Country Club in Boca Raton, FL, where, over the last year, the average days on market for single-family homes was 125, with some properties remaining listed for more than 600 days.
In other words, many of these listings linger because today’s buyers are rational.
Chu argued that at today’s rates, buyers are unwilling to overpay for compromised properties, even in strong locations.
“Sellers who believe pricing high and negotiating down will work usually learn the hard way that this approach suppresses demand rather than creating leverage,” she said.
How often under-ask offers actually succeed in their markets
Experts said that success can depend on the region.
For instance, in 2026, roughly 15% to 20% of luxury sales in Phoenix’s top tiers will close 3% to 7% under ask, according to Field’s projections.
“It’s a common occurrence, provided the offer is professional,” he said.
More generally speaking, under-ask offers succeed when buyers are disciplined and credible.
That means anchoring to market value, not list price, and knowing when to hold firm, according to Chu.
“Some sellers will not negotiate below ask, and that is fine. Good luck to them. I hope they get everything they want, but it won’t be from my clients or me if the price is not supported by the market,” she said. “Buyers and their agents should not be afraid to walk away. Walking away is often the strongest and only leverage a buyer has.”
The balancing act of going below asking without killing the deal
This strategy is not just about price and bargain hunting, but about clever positioning. Buyers should focus on getting into the right neighborhood, not “winning” a deal at all costs.
VonDrak, who is based in upstate New York, said that in her market, homes that sell under asking usually close only a few percent below the list price—anything more than 10% off is almost always viewed as a lowball, which is very different from what buyers may see in other parts of the country.
“The key is reading the context. An offer 5% below the asking price on a home with long days on the market and a clear pricing misalignment can be entirely reasonable. Going in too low too fast tends to make sellers defensive and shut the conversation down,” she said.
Ben Mizes, a real estate agent and president and co-founder at Clever Real Estate, agrees, saying that an offer 5% to 10% below the asking price is reasonable, especially when coupled with favorable terms such as flexible closing, no contingencies, or all cash.
However, offering 20% or more below the asking price is a little extreme and may alienate the sellers entirely, which can shut down negotiations, he said.
“I tell my clients, ‘If you’re asking for less money, offer more certainty,’” he said.
When framing the under-ask offer, VonDrak said she focuses on demonstrating the buyer’s seriousness and qualifications.
Sellers may consider a lower price when they believe the deal is solid and will close without drama, she added.
“I position it as a trade-off. The seller may receive a lower price, but they gain a clean offer with flexible terms, waived conditions when appropriate, and a committed buyer. That combination can be more compelling than a higher offer with uncertainty attached,” she said.