Sellers Still Expect Top Dollar, But the Market Is Starting to Shift

by Jason Burke

If you’ve been following real estate headlines lately, you’ve probably seen a consistent theme: most sellers still expect to get their asking price, or more.

And to be fair, that mindset isn’t coming out of nowhere. Over the past few years, we’ve seen a market where homes sold quickly, multiple offers were common, and buyers were willing to stretch to win.

But the reality in 2026 is starting to look a little different.

What the Data Is Showing

Recent data shows that while about 83% of sellers still expect to get their asking price or higher, there’s also a noticeable shift happening. (source: realtor.com)

More sellers are beginning to prepare for concessions, including:

Covering closing costs
Offering repair credits
Helping buyers buy down their interest rate

In fact, nearly 40% of sellers now expect to make concessions, which is up significantly from last year.

That’s a clear sign the market is moving toward something more balanced.

What I’m Seeing Here in Richmond

Locally, we’re not in a true buyer’s market, but we’re also not in the same market we were two or three years ago.

In the Richmond area right now:

Well-priced, well-maintained homes are still moving
Desirable properties can still attract multiple offers
Buyers are more selective than they’ve been in years

And this is the key shift:

Buyers are paying attention again. They’re looking at:

Condition
Deferred maintenance
Age of systems like the roof, HVAC, and windows
Overall value compared to other options

If something feels off, whether it’s pricing or condition, they’re more willing to:

Negotiate
Ask for concessions
Or move on to the next home

Why Some Sellers Are Getting Stuck

One of the biggest challenges right now is expectation versus reality.

Many sellers are still pricing their homes based on:

What a neighbor sold for in 2021 or 2022
What they feel their home is worth
Or what they hope to get

But today’s buyers are comparing your home to:

Current inventory
Current interest rates
Monthly affordability

If the numbers don’t line up, the market responds quickly. That usually shows up as:

Longer days on market
Price reductions
Negotiation requests

This Is Where Deferred Maintenance Shows Up Again

This ties directly into something I talk about often:

Deferred maintenance matters more in a shifting market.

When the market was extremely competitive, buyers were more willing to overlook:

Older roofs
Aging HVAC systems
Minor repairs

That’s not the case anymore. Now those items often turn into:

Inspection issues
Repair requests
Seller concessions

This is where deals are being won or lost.

The Role of Concessions in Today’s Market

Concessions are not necessarily a negative. They are simply part of negotiating in a more balanced market.

In many cases, instead of lowering the price, sellers are:

Helping with closing costs
Offering repair credits
Assisting with rate buydowns

From a buyer’s perspective, that can be more valuable than a small price reduction, especially with today’s interest rates.

From a seller’s perspective, it can be the difference between getting a deal done or sitting on the market.

The Bottom Line

The market isn’t crashing. It’s normalizing.

Sellers still have opportunity, especially in a strong market like Richmond. But the strategy has changed:

Pricing matters more
Condition matters more
Expectations need to be realistic

The homes that win right now are the ones that are:

Well-prepared
Well-priced
Positioned correctly from day one

How I Can Help

If you’re thinking about selling, this is where having a plan really matters.

I can help you:

Understand what your home is likely to sell for in today’s market
Identify which updates are worth making and which are not
Position your home to attract strong offers
Navigate negotiations, including concessions, strategically

Every situation is different, and the right approach depends on your goals.

If you want to talk through what that looks like for you, I’m always happy to help.

Every move starts with a conversation

Jason Burke headshot Let's talk! I’ve proudly served the Greater Richmond area as a full-time Realtor for more than 19 years, and I’ve called Virginia home for over 25.