💸 Want the Best Deal on Your Next Home? Here’s How to Negotiate

Hello Hampton Roads,

Thinking about buying a home and wondering, “Can I really negotiate a better deal?”

Absolutely. Whether it’s price, closing costs, or repairs, smart buyers in Hampton Roads know that a well-strategized negotiation can lead to thousands in savings—and smoother transactions. In this post, you’ll learn what to expect in today’s market and how to stack the odds in your favor.    

🔑 Key Takeaways

• Hampton Roads is trending toward a more balanced market—buyers now have more options.
• Negotiation works best as a collaborative game of give-and-take, not a battle.
• Leverage factors like days on market, seller motivation, and inventory give buyers power.
• Strategic flexibility—knowing what to prioritize—leads to better outcomes.
• A friendly, professional tone keeps deals moving quickly and effectively.

 

📈 Current Market Snapshot: Hampton Roads (June 2025)-Detached Properties in the 7 Cities

📊 Metric	Value	MoM	YoY	💡 Buyer Insight
Median Sales Price	$385,000	+2.7%	+2.7%	Prices are rising slowly—buy before further increases.
Closed Sales	1,353	−12.5%	−0.4%	Fewer closings = less competition; negotiate with confidence.
Median Days on Market	16	+33.3%	+14.3%	More time on market gives buyers room to negotiate.
List Price Received	100.2%	−0.2%	−0.3%	Slight softening—sellers may accept lower offers.
Median Sold $/SqFt	$216	+1.9%	+3.8%	Rising price per sq. ft. means value matters—compare closely.
New Listings	1,960	−8.9%	+11.6%	Yearly rise = more choice. Watch for motivated sellers.
Active Inventory	2,923	+2.9%	+16.0%	More homes = more leverage for buyers.
Months Supply of Inventory	2.2	+17.6%	+16.6%	Market still favors sellers, but trending more balanced.

🧠 Strategic Takeaways for Buyers

1. More Choices, Less Competition

   • Inventory is up 16% year-over-year, and days on market have increased. That means homes are not flying off the shelf like they were.

   • You have more selection and slightly more negotiating room—especially with listings that have lingered.

2. Timing Is Still Important

   • Prices are creeping up monthly and annually. Waiting too long could cost you more, especially if rates or home values increase again.

3. Sellers Are Realistic

   • Slight drop in % of list price received and rising DOM suggest that sellers are starting to adjust expectations—opportunity to negotiate on price or closing costs.

🤝 Why Negotiation Isn’t a Zero-Sum Game

Negotiation is about mutual value, not winners and losers.
✅ A collaborative tone builds trust and keeps deals on track.
❌ Aggression often stalls progress or drives away motivated sellers.
Every concession you make—like being flexible on closing—can help you secure what matters most, such as price or repairs.

💡 Negotiation Techniques That Work

1. Understand Leverage Factors

📌 Understanding Leverage Factors

These real-world factors can increase your negotiation power if used strategically:

Leverage Factor	Buyer Advantage	How to Use It
Days on Market (DOM) >30	Moderate–High	High DOM with no price drop may mean the seller isn't ready yet, but multiple drops suggest motivation to deal.
Price Reduced Recently	Moderate	Ask why the price was dropped and make a strategic counteroffer based on timing and comps.
Relisted Property	High	If a home has been listed multiple times without selling, the seller may now be open to flexible terms.
Seller Motivation (e.g. relocation)	High	Try to uncover the reason for the sale—relocation, divorce, or downsizing—and tailor your offer accordingly.
Home Needs Cosmetic Repairs	Moderate–High	Ask for credits or a price reduction—negotiate upfront or leverage the home inspection for post-contract adjustments.

2. Prioritize What Matters Most

Decide whether price, repairs, or closing flexibility is your top goal. For example:

• Want a lower price? → If staying within a certain mortgage payment is most important then negotiate price on price.  You can offer a fast closing or no closing costs assistance to sweeten your offer. 
• Want to lower your cash out of pocket? → Negotiate for closing costs in lieu of cosmetic repairs or updates. Your agent can guide you on other creative ways to negotiate depending on your specific situtation.

3. Anchor Smartly, Stay Flexible

Start with a strong-but-reasonable offer. Leave room for negotiating, to keep the dialogue oepn.

4. Use Inspections as a Tool

Request credits for  major documented issues, such as a roof replacement.

❓ FAQ: Common Negotiation Questions

1. How much under asking is reasonable?
   It depends on a number of factors such as property condition, days on the market and seller motivation.  Your agent is the best person to guide you as he or she can look at the property history as well as area comps.
2. Can I negotiate on a foreclosure?
   Typically not. The seller which is typically a bank, government entity or corporation is selling the home "AS IS WHERE IS" and condition is relfected in the price. 
3. What if there are multiple offers?
   Lead with strength—the best combo of price, terms, and financing wins. If you know there are multiple offers you should make your best offer up front becuase you may not have the opportunity to counter. 
4. Should I ask for repairs or a credit?
   If you are financing and a repair is not required by the loan, then a credit may be better. Credits give you control and speed, while repairs might stall the closing.
5. What role does my agent play in negotiations?
   Your agent is your strategist, communicator, and deal-maker. They interpret market signals, craft the right offer, manage tone, and ensure you're not overpaying—or leaving money on the table.

🧭 Summary: Get the Deal You Deserve Without Burning Bridges

Getting a great deal isn’t about pushing harder—it’s about negotiating smarter. In Hampton Roads, understanding the current market, identifying property-level leverage, and approaching each offer with strategy and collaboration will put you in the strongest position possible.

📅 Ready to Strategize?

If you're ready to take advantage of market opportunities and negotiate with confidence, I’m here to help.

Schedule your free consultation with Liz

Thanks for Reading,

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