UK
Asking price
The asking price is the figure the property is marketed at. It is an invitation for offers. It is not a valuation, and it is not the price that will be paid.
Also called List price.
How it is chosen
The vendor sets it, usually after the agent’s advice from comparable sales. Quoting too high wastes the first weeks, which are when a new listing is seen most. Quoting a figure the vendor will not accept wastes buyers’ time. Record the vendor’s minimum only in the agency file, not on the particulars.
US list price
US listings call this the list price. A later price change is a price reduction. The public figure and the vendor’s private floor are different numbers. Do not put the private floor in a portal description or a social post.
Questions
What does Asking price mean?
The asking price is the figure the property is marketed at. It is an invitation for offers. It is not a valuation, and it is not the price that will be paid.
General information for agency staff, not legal advice. Rules and local practice change. Check the official source before you rely on a definition in a client letter.