A "softening" real estate market could potentially allow you to negotiate a lower price on a home.

Although home prices have reached a new record, the real estate market exhibits indications of vulnerability, giving buyers an opportunity to potentially secure a lower price on a property.

Since 2020, homes have sold below asking price for the first time in June 2024, according to a recent report by online real estate brokerage Redfin.

The median number of days for homes to sell has increased by 5 days to 32, compared to the same time last year.

"According to Daryl Fairweather, the chief economist at Redfin, the market is softening. As a result, sellers are adopting a less aggressive approach to pricing under the current circumstances."

Homes are taking longer to sell, which favors buyers

While the decline in home prices may provide relief for buyers who have been struggling with rising costs, it is merely a brief pause in a real estate market that continues to favor sellers.

The increase in U.S. home sale prices to a median of $397,954 is due to the fact that demand for homes still exceeds supply, according to Redfin data.

High mortgage rates and a low inventory of homes have contributed to a recent pull back on demand, according to Fairweather.

"Given the high cost of borrowing, buyers are struggling to find homes that justify their price, which is contributing to the fact that three out of five homes listed in May were considered stale, as they were on the market for a month without going under contract, according to Redfin data," she explains.

The Federal Reserve is predicted to make federal funds rate reductions to decrease mortgage rates prior to the year's conclusion.

Lowering mortgage rates could increase the number of potential buyers able to afford a home, boost demand, and potentially accelerate price gains, according to Fairweather.

Use stale home listings to your advantage

According to Fairweather, homes that have been on the market for more than a couple of weeks are more likely to have their asking price negotiated down by homebuyers. She suggests that an offer 5% lower than the list price may be reasonable.

"If the seller has not received any offers after two weeks on the market, they may be feeling pressure and open to hearing an offer."

While markets can differ, homes in some areas, such as San Francisco Bay, often sell below the asking price, whereas sellers in markets like Florida typically price their homes higher and then sell for less.

If a 5% price difference will significantly impact your finances, it may be worth considering whether you can truly afford a particular home. It's best to have a financial buffer to cover unexpected expenses when owning a home, advises Fairweather.

To become a successful and confident communicator, enroll in CNBC's online course, "Become an Effective Communicator: Master Public Speaking." Our program will teach you how to speak clearly and confidently, manage your nerves, choose the right words and body language, and make a great first impression. Sign up now and use code EARLYBIRD for a 30% discount through July 10, 2024.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.