A purchase budget should begin with what fits your finances, not a townwide price statistic. I want your search to reflect your priorities without letting an asking price decide what you can afford.
The latest market report covers Calabasas single-family homes, condos, townhouses and apartments. The typical sale price was $1,299,500, describing completed sales rather than the cost of your particular purchase. The typical asking price among homes listed for sale was $2,444,000. Housing supply, measured in months, was 5.04, a townwide measure rather than an individual home's selling timetable.
Asking prices and sale prices describe different groups, so their difference is not a discount to build into your budget. Your lender's payment and closing-cost estimates are more useful for affordability than either townwide price. I would establish a comfortable spending boundary before deciding whether additional space or different features justify a higher price.
Request a lender estimate covering the payment and money needed at closing, with the assumptions clearly identified. Separate must-have features from preferences so you can compare homes without automatically stretching your finances. Write down the maximum price you are comfortable offering, then review suitable homes and recent sales with me.
