The Nine Different Perspectives on Price and Value
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The Nine Different Perspectives on Price and Value

What is a Property Worth?

Always intended to be firmly a tongue in cheek, not literal interpretation of the concept of rose coloured glasses on price.

Essentially, everyone sees the same property differently, depending on their bias or self-interest.

Its normal!

It is a psychological phenomenon called “The Endowment Effect” which basically means depending on your emotional investment into something you see it more objectively than someone that loves it.

Wikipedia in the above link explain it a little more succinct and eloquently.

There is a lot of this that helps understanding why good marketing is critical today (To emotionally engage with the RIGHT buyer), and explains how and why we can see offers vary (10-30%) on some properties, and why some sellers perceive their own homes much higher (10-30%) than independent third parties do.

  • It is also why some get so passionate about their pets, sporting teams of even kids.
  • It also absolutely endorses the concept that price and value is hugely subjective depending on who you talk to.
Anyway, please enjoy this illustration I put together a few years ago as some fun.