A fair price is the one you can defend with recent outcomes
If you are buying, the decision is what to offer so you win without regret. My rule for Richmond, VA is to start from what buyers just paid at closing, then adjust for the specific home instead of negotiating from emotion.
One number to respect from the most recent closing period is the finish line buyers paid about 99.8% of asking last month in Richmond, VA. That matters because it narrows the realistic range of what most sellers will accept. Some metrics were not reported for this period. Even so, when closings land near asking, your best protection is not a low opening offer, it is a price that you can justify and a contract that a seller trusts. Use recent near-asking closings as your anchor, then decide whether to compete on price or win on terms. Keep your offer price inside a range you can explain with comparable closes so you do not overpay just to feel safe. When you submit, present a clean, complete contract so the seller focuses on your certainty, not your fine print.
About Scott Fogleman
Scott Fogleman is a licensed Real Estate Professional affiliated with New Home Team, specializing in the Richmond 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 →
