I am in the business of being asked often, “What do you think is this property worth?”
It is interesting as I always see massive variation between different agents when I am competing on appraisals, and always see “lowball” offers coming in from supposed serious buyers, only to see properties sell for 10%-20% more a week later to another buyer.
I also see owners that are certain that their properties are worth a specific figure, yet we see some properties sit on the market years, proving that the market doesn’t share the same level of enthusiasm about the value as some owners.
So what is a property really worth?
We all know it is worth what a buyer is prepared to pay, and in this article I am not going to go through that lengthy discussion.
This (below) is a light hearted illustration of how, depending on whom you are, on what your own agenda may be, how we all look at the same property. The old saying that we all see with rose coloured glasses works both ways. Many buyers see things worse than they really are, and many sellers and allies of the seller, see things a lot better than they really are. Often the reality is somewhere in the middle.
Please enjoy this illustration.