Where the market gives room to think.
When I look at Calabasas, CA, I want to know whether a strong offer needs extra patience or whether the market is already giving some breathing room. Last month, buyers were getting 97.8% of asking, so I would not assume there is a deep discount waiting.
A sold-to-list result of 97.8% last month tells me most closings were close to asking. That is useful because it keeps expectations honest.
I would treat that as a sign to focus on fit, condition, and timing instead of hoping for a wide gap. In Calabasas, CA, the better move is usually the one that is disciplined rather than aggressive for no reason.
Set your ceiling before you start touring. Keep room for negotiation, but only where the home supports it. Then act with a clear line between value and wishful thinking.
