Virginia Homebuyers Gain Negotiating Power as Price Cuts Hit 10-Year High

Homebuyers in Virginia now have more bargaining power as 34 percent of listings have seen price reductions, the highest share for this time of year in more than a decade. This shift in leverage comes as mortgage rates climbed into the mid-6 percent range, pushing typical monthly payments to about $2,750. These higher borrowing costs and affordability pressures have sidelined buyers, causing pending sales to fall 2.4 percent year over year. Properties are now taking longer to sell, with the typical home going under contract in about 51 days, the slowest pace for this time of year since before the pandemic. This combination of slowing sales and longer listing times has forced a growing number of sellers to adjust to weaker demand by cutting prices.