The clearest way to line up asking price with buyer response
When pricing cues are mixed, the question becomes whether you should lean on value, recent sales, or current asking numbers. In Chatsworth, CA, my answer is to use all three, because last month the median estimated property value was $974,990, the typical sale was $1,062,500, and the typical asking price was $1,194,450.
The three numbers give me a clean frame for Chatsworth, CA. Value sat at $974,990, the typical sale came in at $1,062,500, and asking sat higher at $1,194,450, so pricing decisions need to be made carefully.
I take that as a cue to avoid lazy assumptions. A home that is priced too far from the market's center can lose the early attention it needs, while a well-positioned home can still command serious interest.
I would compare the home against recent closings first. I would also pay close attention to how much response it gets right away, because the first stretch often sets the tone.
