How Much Below Asking Price Should I Offer on a Smithfield Home?

Short answer: There isn’t a magic percentage.

Sometimes offering $10,000 below asking makes perfect sense.

Sometimes offering full price is the smarter move.

And sometimes I may tell a buyer:

“I think we can go lower.”

What I don’t like is picking a random number just because somebody heard buyers should always start 5% or 10% below asking.

The right offer depends on the house, the price, how long it has been sitting, the competition and how badly you want it.

Asking Price Is Just the Starting Point

A seller can ask anything they want for a house.

That doesn’t automatically make it worth that amount.

On the other hand, a house listed at $425,000 isn’t automatically overpriced just because you’d rather pay $400,000.

That’s where we start looking at the facts.

I want to know:

• What have similar homes actually sold for?
• How long has this one been on the market?
• Has the seller already reduced the price?
• Are there other buyers interested?
• Does the house need work?
• How does it compare with the other homes you could buy?

Then we start talking numbers.

Does Today’s Hampton Roads Market Give Buyers More Negotiating Room?

Some.

But I wouldn’t call it open season on sellers.

REIN reported 6,120 active residential listings across Hampton Roads in August 2026, up 7.2% from a year earlier. Median market time was 27 days, up from 23 days in July. Buyers had more choices and a little more time to consider them. 

At the same time, the regional median sales price was $388,950, up from $370,000 a year earlier.

So here’s how I read that:

Buyers have a little more breathing room, but good homes are still worth good money.

That’s very different from saying every seller is desperate.

What If the House Just Hit the Market?

Be careful.

If a good Smithfield home hit the market yesterday and it’s priced right, coming in way below asking may just give another buyer the opportunity to beat you.

If I know there are several showings scheduled and the home looks competitive, I may tell you:

“This probably isn’t the house to test with a low offer.”

That doesn’t mean we automatically pay whatever the seller asks.

It means we understand the situation we’re walking into.

There’s a difference between negotiating and losing a house you really wanted over $5,000.

What If the House Has Been Sitting for 45 or 60 Days?

Now I’m more curious.

Why hasn’t it sold?

Maybe it started too high.

Maybe buyers don’t like the condition.

Maybe there’s something about the location.

Maybe the seller has already reduced the price.

Or maybe it’s just an unusual property that takes longer to find the right buyer.

This is where days on market becomes useful.

Not because 60 days means:

“Offer 10% less.”

But because it gives us a reason to start asking better questions.

Does a Price Reduction Mean the Seller Will Take Even Less?

Sometimes.

Not always.

Suppose a home started at $450,000 and is now listed at $425,000.

A buyer may look at that and think:

“They already dropped $25,000. Let’s offer $390,000.”

Maybe that works.

Or maybe the seller already made the adjustment they were willing to make.

I want to know what the current price looks like compared with actual sales.

The old asking price doesn’t matter nearly as much as whether today’s price makes sense.

What If the House Needs Work?

Now we may have a good reason for a lower offer.

Let’s say you like a $400,000 house, but:

• The roof is near the end of its life
• The HVAC is old
• The carpet needs replacing
• The kitchen is dated
• There’s obvious exterior maintenance

That doesn’t mean we add up every future improvement and subtract it from the seller’s price.

An older kitchen isn’t the same thing as a broken kitchen.

But real condition issues absolutely affect what a buyer may be willing to pay.

And sometimes we can use those issues to support our offer instead of simply throwing out a low number with no reason behind it.

Should I Offer Low So We Have Room to Negotiate?

Sometimes that strategy works.

Sometimes it backfires.

Here’s the problem.

You may think:

“We’ll start low and meet in the middle.”

The seller may think:

“These buyers aren’t serious.”

It helps to understand how a seller may look at an offer below asking price too

And then they counter very little — or not at all.

There’s nothing wrong with negotiating.

I just want the opening offer to make sense.

If our goal is to buy the house, our strategy should help us buy the house.

It shouldn’t just help us feel like we won the first round.

What Matters Besides Price?

A lot.

This is where buyers sometimes focus too much on one number.

Your offer may also include:

• Closing-cost assistance
• Financing type
• Earnest money
• Inspection terms
• Appraisal terms
• Closing date
• Personal property
• Home-sale contingency
• Other conditions

Suppose you offer $415,000 on a $425,000 house but also ask the seller for $10,000 toward closing costs.

From the seller’s side, that may look very different from a clean $415,000 offer with no credit.

That’s why I think about the whole offer, not just the purchase price.

Should I Ask the Seller to Pay My Closing Costs Too?

Maybe.

But understand what you’re asking.

If we offer below asking price and ask for a large seller credit and include several other favorable terms for you, eventually the seller may decide the package just isn’t attractive enough.

Sometimes getting closing-cost help is more important to a buyer than getting another few thousand dollars off the price.

If that’s your situation, I want to know it before we write the offer.

Then we can put our negotiating power where it actually helps you.

What If the Home Appraises for Less Than We Offer?

That’s another reason I don’t like getting carried away just to “win” a house.

If we agree to $440,000 and the appraisal comes in at $420,000, now we have another conversation.

Depending on the contract and financing, we may need to renegotiate, challenge the appraisal, bring additional cash or make another decision.

So yes, I want your offer to be competitive.

But I also want it grounded in reality.

What If I’m Using a VA Loan?

Don’t assume that means you can’t compete.

We’ve already talked about this from the seller’s side.

A VA offer still comes down to the whole package.

Price.

Financing.

Closing costs.

Appraisal terms.

Property condition.

Timing.

If we’re writing a VA offer, I want to make sure the seller and listing agent understand what we’re offering instead of allowing old myths about VA financing to make the decision for them.

Here’s How I’d Think About Different Situations

That isn’t a formula.

It’s a starting point.

Every house is different.

What I’d Tell a Smithfield Buyer Sitting Across the Table From Me

Don’t start with:

“How low can we go?”

Start with:

“What is this house worth to us, and what does the market support?”

Then we look at the seller’s situation.

How long has the house been listed?

What has sold nearby?

Does it need work?

Are other buyers circling?

Do you need help with closing costs?

How disappointed would you be if somebody else bought it tomorrow?

That last question matters.

There are homes where I’ll say:

“Let’s test them.”

There are homes where I’ll say:

“I think we should be closer to asking.”

And occasionally I’ll tell you:

“I don’t think the house is worth what they’re asking. Let’s either make the offer that makes sense or keep looking.”

The goal isn’t to brag that we got a seller down $20,000.

The goal is to buy the right house at terms that make sense for you.

Thinking About Buying in Smithfield or Hampton Roads?

If you’re thinking about buying a home in Smithfield, Isle of Wight, Carrollton, Suffolk or elsewhere in Hampton Roads and you’re not currently working with a real estate agent, I’m happy to help you understand how to think through price, competition and offer strategy before you make a move.

Call or text me at 757-880-7061 or email me at [email protected].

If you’re not currently represented, send me the listing you’re considering

We can look at the price, the history, the competition and your situation and figure out what kind of offer makes sense.

Jason Goodin
Principal Broker
Virginia 1st Realty Group

Frequently Asked Questions

Is offering 10% below asking price too low?

Sometimes yes, sometimes no. On a newly listed, well-priced home with strong activity, 10% below asking may not get much attention. On a home that has been sitting or needs substantial work, it may be more reasonable.

How much under asking price are sellers accepting right now?

There isn’t one Hampton Roads percentage that applies to every property. Market time, condition, competition, location and seller motivation all affect the negotiation.

Should I offer asking price on a home that has been sitting?

Not automatically. If the home has been sitting, I’d first understand why. The current asking price may already be fair, or there may be room for negotiation.

Is it better to ask for a lower price or closing-cost assistance?

It depends on what helps you most. A buyer who needs cash for closing may benefit more from a seller credit than the same amount taken off the purchase price.

Can I lose the house by offering too low?

Absolutely. A seller can reject an offer or choose another buyer. That doesn’t mean you should overpay, but the possibility of losing the home should be part of your offer strategy.