Definition: Price is the amount asked, offered, or paid for a property. The qualifier tells you which stage of the transaction is meant.
Example
A seller asks $350,000, receives a $335,000 offer, and agrees to a $340,000 sale price.
Keep the distinction clear
An asking price is not proof of market value, and an agreed price is not necessarily the property's cost to build.
Related terms
Cost · Value · Market Value
Keep studying
CMA vs. Appraisal: What Is the Difference?
References: CFPB: mortgage key terms
Pronunciation (US): PRYS (capitals show stress)
Pronunciation reference: Merriam-Webster
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