Homebuyer glossary
Plain-language definitions for researching a home before making an offer.
Sale-to-list ratio
A sale price divided by its corresponding asking price. Redfin's average sale-to-list metric averages each included home's final sale price divided by its final list price; it is not a promise about an individual bid or a ratio of median prices.
Sources: Redfin Data Center methodology
Continue: Historical pre-offer comparisons; Browse housing markets
Months of supply
Inventory divided by the pace of sales for the source's defined window. It summarizes an aggregate market observation, not the time any particular listing will take to sell. Check the source period and property type before comparing observations.
Sources: Redfin Data Center methodology
Continue: Browse housing markets; Seven-number checklist
Days on market (DOM)
A source-defined measure of listing duration. Redfin's median DOM describes included homes going under contract during the reporting period. A current listing's elapsed days and an aggregate median are different observations, not automatic dollar adjustments.
Sources: Redfin Data Center methodology
Continue: Historical pre-offer comparisons; Browse housing markets
Automated valuation model (AVM)
A computer-generated value estimate using property and market information. Coverage, inputs, and timing vary. An entered AVM is a comparison input in OfferLens, not a verified appraisal or a determination that the asking price is right or wrong.
Sources: CFPB: Why valuations can differ; Zillow: About the Zestimate
Continue: Interpret the estimate gap; Calculate a gap
Appraisal
A property valuation prepared through an appraisal process, distinct from an independent buyer's inspection of condition. A lender's valuation and your inspection answer different questions; neither should be silently substituted for the other.
Sources: CFPB: Why valuations can differ; CFPB: Schedule a home inspection
Continue: Interpret the estimate gap; Unpermitted square footage
Estimate gap
In the estimate-gap tool, asking price minus your entered estimate. The percentage divides that difference by the entered estimate. The result is arithmetic, not a measured AVM error or a new valuation.
Continue: Interpret the estimate gap; Calculate a gap
Repair planning allowance
An OfferLens product assumption for a selected work scope when a specific quote is unavailable. It is not a local contractor quote. Unpriced work remains unknown, and distinct scopes must be reconciled before adding allowances.
Continue: Repair planning calculator; Foundation scope questions
Illustrative repair deduction
The repair calculator illustrates 50% of the low selected repair budget through 100% of the high budget. These shares are product planning assumptions, not measured seller concessions, appraisal adjustments, or guaranteed negotiation outcomes.
Continue: Repair planning calculator; Seven-number checklist
Scope overlap
The same selected work appearing in more than one budget line, such as wall restoration in both a plumbing and bathroom proposal. Reconcile the written scope before summing; separate labels do not make a task a separate cost.
Continue: Kitchen scope reconciliation; Repair planning calculator
Acquisition plus repair cash outlay
In the estimate-gap tool, asking price plus the optional entered repair budget. This comparison leaves the entered estimate unchanged. It is not the lender's cash-to-close calculation and does not include every financing or transaction expense.
Continue: Calculate a gap; Seven-number checklist
Estimated cash to close
The loan disclosure's estimate of cash needed to complete the transaction under its stated terms. Review the actual lender documents and distinguish that amount from separate planned repair spending and ongoing housing costs.
Sources: CFPB: Explore a Loan Estimate
Continue: Seven-number checklist
Purchase contingency
A condition in the actual purchase agreement, potentially concerning financing or satisfactory inspection. Its wording, deadlines, and applicable rules matter. Educational calculators do not establish cancellation rights or advise you to waive a protection.
Sources: CFPB: Find the right home
Continue: Seven-number checklist; Escalation assumptions
Escalation cap
A stated maximum in an escalation arrangement. Whether a price changes depends on the actual trigger and agreement; a cap is not a guaranteed accepted price, lender valuation, or promise about competing-offer evidence.
Sources: NAR: Navigating multiple offers
Continue: Escalation arithmetic
Source observation period
The beginning and end of the window represented by a cached observation. It is different from the date a page is rendered or a cache is refreshed. Compare compatible windows, adjustment status, geography, and home types.
Sources: Redfin Data Center methodology
Continue: Browse housing markets; Historical pre-offer comparisons
Historical comparison anchor
The pre-offer tool multiplies your asking price by percentiles of compatible monthly aggregate sale-to-list observations. Months receive equal weight. These anchors are not percentiles of individual-home sale prices, calibrated bid recommendations, or acceptance probabilities.
Continue: Historical pre-offer comparisons; Seven-number checklist
Buyer sentiment index
An OfferLens-derived market proxy when the application has the required source inputs. It is not a consumer survey or an offer-acceptance probability. Review the displayed source inputs, reporting period, and geography; a broader-area series is not a property-specific observation.
Continue: Browse source observations; Seven-number checklist