Use the gap between list and close to stay credible
You are deciding what number to put on your home so you sell without leaving money on the table. My answer is to price for credibility first, because in Lynchburg, VA a typical closed price last month was $254,900 while a typical active list price was $269,900.
Looking at the latest numbers, the clearest signal was this a typical closed price last month in Lynchburg, VA was $254,900, while the typical active list price was $269,900. Buyers also paid about 97.5% of asking on average, and a typical sale moved in 18 days supply stood at 2.04 months recently. Where people get this wrong is pricing to an online wish instead of to the buyer's comparison set. Some metrics were not reported for this period. Even so, when buyers are closing at about 97.5% of asking, the list price has to be defensible on day one or you invite the market to negotiate you down. Set your initial price so it is supported by what buyers are actually closing at, not just what other sellers are hoping for the 97.5% of asking figure is the reality check. Prepare your home to justify your number fast, because the 18-day typical timeline means buyers form opinions immediately. Align your expectations to Lynchburg, VA recent price points I use the $254,900 typical close as a reference, then adjust based on your home's condition and features instead of stretching beyond what the market is rewarding.
