“We need to sell our home and my husband wants way too much for it. There have been several homes sold in our neighborhood that show what our home is worth. But my husband keeps pointing to two high sales to justify his price. One sold 10 months ago and is almost a mile away. The other is much nicer and larger. I know he reads your newsletter, so can you address this? Thanks…”
I’d be happy to help you.
A good question is, “What is a home’s market value?” Market value can be defined as:
“The price a willing, knowledgeable, and prudent buyer and seller would agree to without duress in an arm’s length transaction.”
It is not:
“The highest price the seller can attempt to justify by subjectively selecting and manipulating the most favorable data.”
Nor is it:
“It’s worth more because it’s mine.”
Relying on the latter two definitions will only result in delusion and disappointment.
It’s hard to be objective about the value of your own home. After all, you bought it because it was the best San Diego home available in your price range, and you’ve improved it with your impeccable taste!
So get an objective (and knowledgeable and skilled) Realtor to help you determine the value.