Leverage comes from knowing what the market will and will not do
If you are buying, the decision is whether to push for a discount or compete cleanly. In Richmond, VA, my answer is to negotiate with precision, because recent closings show sellers are not giving away much on price.
One number to respect from recent closings is the negotiating range buyers paid about 99.8% of asking last month in Richmond, VA. This changes your plan because broad, aggressive discounting is unlikely to be rewarded when the closing norm is essentially at asking. Some metrics were not reported for this period. Even so, you can still create leverage by targeting the right listing and writing terms that reduce the seller's risk. Start by identifying listings where the price is already aligned with closed sales, then compete with clean terms rather than a low price that gets ignored. Keep your offer close to the recent close-to-ask norm, and negotiate on the few items that matter most to your situation while staying reasonable. Move quickly and communicate clearly, because a typical deal pace is not slow in this market.
About Scott Fogleman
Scott Fogleman is a licensed Real Estate Professional affiliated with New Home Team, specializing in the Richmond market. With a focus on strategic marketing and deep local knowledge, Scott Fogleman provides clients with expert guidance in navigating complex real estate transactions. View full profile →
