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Seller motivation is another missing layer. A unit held at its initial price for two months is different from one cut quickly to secure a buyer, even if both show similar total market time. For the next pass, build cohorts by listing month and record price-cut timing, final status, occupancy...

Seller motivation is the missing piece. Some owners can wait through several cuts; others need a clean closing and may negotiate before changing the public price. Withdrawn stock is useful too: was it truly unsold, temporarily taken off, or likely to return after work? Treating every withdrawal...