The seller sets the list price of a house with the aid of their agent. In Richmond, VA this usually is very close to the selling price of the home, but not always.
The first step in the process of obtaining the best price is to learn about the values of homes and how different neighborhoods affect those values. This process starts with a broad exposure to homes in the market so you may judge value for yourself. Once you have an idea of the value of the market in general there will be an examination of current pricing trends and of the effect of the location of the home in a neighborhood.
The information above will allow you to determine the value of the home for yourself. Now is the time to consult a REALTOR® to see how the market is corresponding with the value you place on the home. To do this you need a comprehensive Comparitive Market Analysis. Much like an appraisal the CMA will let you know what other people are likely to be paying for the home and it may or may not agree with the list price.
If this is the home that you definitely want then the best price is the one that allows you to purchase it without giving away your money. Armed with the information on pricing above you will know what that number is so that you can negotiate for that amount.
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