Price reduction
A cut to the list price after the home has been on the market. It usually signals the home was priced above what buyers would pay.
Also called: price drop, price cut, price improvement
Related terms
The price the seller advertises the home for. It is a starting point for negotiation, and the final sale price can be above or below it.
How long a home has been listed for sale. A high number can mean room to negotiate; cumulative DOM counts time across relistings.
A market with more homes for sale than buyers. Homes sit longer, prices soften, and buyers have more room to negotiate price and repairs.
A listing that came off the market because the listing agreement ran out before the home sold. The seller can relist with the same agent, a new agent, or not at all.