Setting your asking price starts with understanding how your home compares with similar completed sales. I want you to have a clear reason for that price, rather than relying on what another owner hopes to receive.
For Encino single-family homes, condos, townhouses, and apartments, the latest market report includes both asking and completed-sale prices. The typical asking price among homes listed for sale was $1,899,000. The typical sale price was $1,558,000. These prices describe listed and sold groups, rather than a before-and-after result for the same homes.
An asking price expresses a selling goal; a completed sale provides evidence of an agreed transaction. I would give the closest similar sales more weight than a townwide figure when discussing your starting price. Starting with an ambitious asking price deserves a clear rationale and a plan for reviewing responses, not an assumption about eventual offers.
Review recent sales of similar homes with me, focusing on differences in size, condition, features, and property type. Consider homes listed for sale separately to understand how your proposed price compares with other asking prices. Decide which questions or responses would prompt a pricing review, so any later change has a clear purpose.
