But Mine Is Special!
Ever notice how people brag about their children and grand children, it is because they are special to them, of course. Each of us is special and we all have something to offer the world. We value life and there is no way to measure that value, it is invaluable.
Real estate value, on the other hand can be measured. Many owners feel and believe that their real estate is also special, they are emotionally involved. They treat estimating the value of their home very much the same way they talk about their families.
Real estate values are determined by the principle of supply and demand and by comparing like kinds of property which have recently sold. Asking prices have little bearing on value. Last year’s market, purchase price, or how much you think you need to net, have no bearing on today’s values.
That wonderful view, those tiles and high ceilings, the granite counters and large tub, all have value. Value comparable to other homes which are similar to it, and have recently sold. The idea that it is special and therefore worth more is often nothing more than, the owner looking at it through those emotional rose colored glasses.
There are very few homes available today which we can not find good comparables for. Objectivity combined with reality and money can sometimes be very harsh on our emotions.
Fortunately we never have to place a value on our children or grandchildren, because if we did, we would all set the prices so high they would never sell!
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027