What is anchoring?
Adjusting insufficiently from an initial reference point, such as a listing price, when forming an estimate. Northcraft and Neale (1987) found even expert agents anchored to list price.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.