Glossary

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Asking Price
The asking price on a property is the starting point in the negotiation. It is typically the first price that a seller puts out on a property. Though most sellers would love for a buyer to accept this price, there is usually no reasonable expectation that a seller will get his or her asking price. Most sellers recognize that they will have to come down a bit on their asking price, so most people propose the absolute highest price they can as the asking price. Later in the negotiation process, the asking price will serve as a starting price point. The buyer will come back with an offer that is somewhat below the asking price, and the seller and buyer will have to come to an agreement from there. In a seller's market, the seller might be able to get very close to the asking price.