This is an excellent point of view...most seller somehow try to recoup every penny, in spite of the fact that property values have drastically decreased.
And some buyers think that a property is only worth $ because that is what they want to pay for it.
A Home's Value is Not Dependent on Your Personal Situation
I've had some interesting conversations with buyers and listing agents (on behalf of their Sellers) recently.
SELLERS: The value of a home is not determined by how much you paid for it, how much you owe on it, how much money you put into it or how much your neighbor sold her house for 5 years ago.
BUYERS: The value of a home is not determined by how much you can afford to pay for it.
It works the same way for both sides. Value is determined by what similarly sized and styled homes in similar condition and similar location have recently sold for and/or are currently selling for. Those extermal issues that you each have may determine whether or not you are actually able to sell or buy that house, but they really do not impact the home's value at all.
Your agent can provide you with comparable sales in your area to help you make a determination of what the value is so you know what is a fair price to sell or buy. Of course, there is usually a range in there and that is where the negotiation comes in.
As a buyer agent in Canton MA, I provide comparable sales information to my buyers to help come up with a pricing and negotiating strategy to not only get you the best deal but also to help you reach your ultimate goal - to get you into that home of your dreams. Isn't that what it is all about?
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 20 years of experience in real estate.
(c) Copyright 2011 Christine M. Smith, Attorney and Buyer Agent. All rights reserved.