This story originally appeared on SmartAsset.
Buying a house can be stressful. For many people, it turns out to be the most significant and expensive financial transaction of their lives.
Scoring a deal can help allay some anxiety. But even though you’re able to haggle over a home price, it pays to know where your negotiation skills may prove most effective.
That’s why SmartAsset crunched the numbers to find the metro areas in America where it pays off to negotiate on your home.
In order to find the metro areas where it pays off the most to negotiate on home price, SmartAsset analyzed data across 100 of the largest metro areas in the U.S. Specifically, we looked at the following two metrics:
- Percentage of listings with a price cut. This is the average percentage of current for-sale listings that experienced a price cut between August 2019 and July 2020.
- Median price reduction. This is the median price cut of the above-mentioned listings, month-over-month, for the same time period.
Data for both metrics comes from Zillow, and we then performed calculations to reflect year-long averages. First, we ranked each metro area in each metric. From there, we found each metro area’s average ranking, assigning each metric an equal weight.
We used each metro area’s average ranking to create our final score. The place with the best average ranking received a score of 100 while the place with the worst average ranking received a score of zero.
Following are the metro areas where negotiating home prices pays off most.