Mahoney Knows Homes: Market Determines Value

When it comes to selling a home, I wish I had a magic wand that granted every one of my client’s aspirations. Unfortunately, the closest thing to a wand I own is a Swiffer duster that gets placed on my seat at the table every Saturday morning, a gentle reminder from my wife to pitch in with household chores.

Now don’t get me wrong, I have had many experiences where my client’s goals are fully achieved. A successful home sale can largely depend on how well the listing agent does their job. That being said, results are also influenced by the seller’s expectations of the sale and flexibility during negotiations. Ultimately, the market has the final say.

In real estate there are three major components that impact the saleability of a home:

Price, Condition and Location.

Rather than diving into my thoughts on each of those items, I would like to share a statement that rings true in any scenario where something is being bought or sold:

“It is only worth how much someone is willing to pay for it.”

Technically, anyone can list their home on the market for any asking price they desire. In fact, I have had several people tell me they would want to sell their home for 10 million dollars, even though they don’t own what appears to be a 10 million dollar home. However, now that I think about it, that may have been their way of telling me they aren’t interested in selling…

I could go on all day about how overpricing a property actually hurts the listing, but perhaps that is for another column. The moral of the story is: Although many of us love our homes, and they are special to us for many reasons, the market determines their value and they are only worth what someone is willing to pay.

In today’s rapidly changing market, knowing your home’s true value isn’t just helpful, it’s essential. And unlike a Swiffer duster, that knowledge can actually clean up your bottom line.

If you have questions, thoughts or feedback related to this article, please reach out to me directly at jmahoney.realestate@gmail.com. I would love to hear from you and am always open to suggestions for future columns. 

Stay safe and cool out there, Kingston Springs!

-Jack