02/01/2024
USEFUL TIP: Price Vs. Value...What's the Difference?
Value and price are very different things, although both are important to consider when looking for a home. Buyers needs to keep value and price in mind, but separate. Home value is what the data says the property should be worth, but the actual price is what a ready, willing, and able buyer is willing to pay—and what a non-distressed seller is willing to accept. Price may be contextualized by data, especially the first two weeks a house is on the market, but it can be driven by emotions and external timelines. To a buyer, price is the monthly payment and the funds needed at closing, but more important are the intangibles that come with home ownership, such as the value of knowing that a landlord won’t sell your house and leave you searching for a new place to live, and the value of knowing that upgrades benefit you in years of enjoyment as well as increased equity. For those with children, knowing there is greater stability for schools. A checklist of price comparisons and cost/benefit analysis cannot truly show the value of home ownership. Interested in learning more about these nuances? Send me a message!