Definition
The price the seller lists their property for—the starting point for negotiations. The asking price doesn't determine the final sale price, just opens the conversation.
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Sellers often set asking prices strategically based on comparable sales, market conditions, and their goals for the transaction. In a buyer's market, asking prices may be negotiable, while in a seller's market, homes may sell at or above the asking price. Understanding the relationship between asking price and likely final sale price is crucial for buyers making offers.
Pro Tip
The asking price is just the starting point. Use comparable sales data to justify your offer.
Example
The home was listed at an asking price of $450,000, but the buyers made an offer of $435,000 based on comparable sales in the neighborhood.