Use the recent pending and active price ranges to narrow your search
The hardest part of a home search is often knowing whether you are aiming at the right slice of the market. My answer in Lynchburg, VA is to narrow the field quickly, because the usual asking price for active homes was $269,900 last month, while homes moving into contract were typically priced at $259,900.
Last month in Lynchburg, VA, the usual asking price for active homes was $269,900. Homes that went pending were typically listed at $259,900, and homes sitting pending at month-end were typically listed at $296,475. That spread tells me buyers are looking at a market with multiple price bands moving at the same time. I would use that to create focus, not confusion. A buyer who keeps touring everything from the low $200s to the high $300s usually ends up comparing the wrong homes against each other. In Lynchburg, VA, recent pricing tells me to define the target band early and separate homes that fit your real budget from homes that only look tempting online. That makes faster, cleaner decisions possible when the right property appears. Set a target range before your next tour day and stick to it. Compare active choices to what is actually moving into contract, not just to the highest prices still sitting on the market. If a home stretches your budget, pass early and keep your leverage for the right fit.
About Scott Fogleman
Scott Fogleman is a licensed Real Estate Professional affiliated with New Home Team, specializing in the Lynchburg 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 →
