Buying your first home in Hampton Roads—whether in Norfolk, Virginia Beach, Chesapeake, Hampton, or Newport News—is a major milestone! But with so much advice out there, it’s easy to fall for common homebuying myths. Let’s bust those misconceptions and arm you with facts, local insights, and resources to help you move forward with confidence.
Myth #1: You need a 20% down payment to buy a home
Reality: Not true! Local and state programs make homeownership far more accessible than many think
Local Programs You Can Use:
- Hampton Roads Loan Fund Partnership (HRLFP):Offers forgivable, no-interest second mortgages for down payment and closing cost assistance to first-time buyers below 80% of area median income (AMI) (hamptonroads.gov). Requirements include no prior homeownership in the past three years, a Virginia Housing–approved lender, and contribution of at least $500 or 1% of the sales price (hamptonroads.gov).
- Virginia Housing Programs (VHDA): Offers a suite of options including: Down Payment Assistance (DPA) Grant: Up to 2–2.5% of purchase price as a grant (no repayment), paired with eligible Virginia Housing loans (LendingTree, Reddit).
- Closing Cost Assistance Grant: Up to 2% of the purchase price for closing costs; available when using VA or USDA loans (RefiGuide.org, LendingTree).
- Plus Second Mortgage: A 0% interest second mortgage to cover down payment—and possibly closing costs if your credit score is ≥ 680—deferred until sale, refinance, or end of first mortgage (LendingTree, RefiGuide.org).
- DHCD HOMEownership DPA Program: Grants up to 10–15% of purchase price plus up to $2,500 for closing costs for buyers ≤ 80% AMI (LendingTree, RefiGuide.org, Research Mortgages).
These programs make a 20% down payment unnecessary—many homebuyers contribute just 1% or use grants to cover most upfront costs.
Myth #2: You should wait for the perfect time to buy
Reality: Timing the market is unreliable
Local Market Snapshot (Spring–Summer 2025):
- Average Home Price: Approximately $391,477 across Hampton Roads (Buy or Sell Hampton Roads).
- Rising Inventory: Listings up by ~21.6% year-over-year—more options, less fierce competition (Buy or Sell Hampton Roads).
- Median Prices:
- Hampton: ~$295,000 median sale price in June 2025, up 9.2% YoY (Redfin)
- South Hampton Roads region: Median hit $360,000 in July 2024 (4.3% YoY growth)
- Virginia Beach’s median at $387,000; Isle of Wight County saw 26.3% growth (Hampton Roads REALTORS® Association)
- Mortgage Rates (March 2025):
- 30-year fixed: ~6.85%
- 15-year fixed: ~6.23% (Buy or Sell Hampton Roads, Hampton Roads REALTORS® Association).
With rising prices and mortgage rates hovering near 7%, market-ready buyers often fare better than those waiting on the sidelines.
Myth #3: The asking price is non-negotiable
Reality: Everything’s negotiable—especially in a market with growing inventory.
Work with a local agent who knows current comps, inventory, and market nuances to structure offers that stand out while protecting your budget.
Myth #4: Lowball offers win in this market
Reality: In a slowly cooling—but still competitive—market, overly low offers can kill your chances. Instead, make a smart, informed bid based on comparable sales and trends.
Myth #5: You can skip the home inspection if the place looks good
Reality: Not worth the risk. Even seemingly perfect homes can hide costly issues—inspect to avoid nasty surprises.
Myth #6: All real estate agents are the same.
Reality: Not at all. In a nuanced region like Hampton Roads, a knowledgeable local agent (like you!) makes all the difference—especially with access to niche programs and neighborhood insight.
Myth #7: You’ll save money by not using a buyer’s agent.
Reality: The seller typically pays both agents. A trained buyer’s agent saves time, avoids pitfalls, negotiates smartly, and brings unmatched value.
In Hampton Roads, you have access to robust down payment assistance, a strengthening inventory, and rising—but manageable—prices. Your edge? Trusted guidance, local expertise, and the right financial tools.
Thinking about diving into the Hampton Roads market? Let’s connect—we’ll help you navigate every step.