The discussions surrounding the question of “what’s a home worth” will never end, because there is no standard answer. Sure the reflex text book answer is “what a buyer is willing to pay” but that’s hardly the complete picture. A home has a number of “values” and most are not tied to the buyers in the market. There is a best answer of course, it also happens to be the simplest one. Spoiler alert...it’s not what it sells for. This short clip provides a common sense overview, below that we get more into the weeds.
The purchase price is the amount the buyer agrees to pay the seller; this tends to support the “it’s worth what a buyer will pay” idea. Does it? Consider:
- The costs of selling – commissions, repairs, closing costs,…
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