Ok, the purpose of this post is to act as a simple reminder. A seller should never be caught up in what they “paid” for their place. Buyers do not care. Unfortunately, it is the last thing on their mind. They want to pay what they want to pay. One of the best sayings in real estate is that “the value of a condo or home is what someone is willing to pay for it”.
During a down market, it can be a very difficult situation for a seller. Especially in a market like the one we are experiencing right now. In some cases a seller will not only lose money on their investment, but will have to write a big check in order to sell. Pricing your home at “market” is extremely important. One of the biggest hurdles when selling is that as home owners we always feel that our property is worth more than it actually is. If you list your property too high, the home will be on the market longer and it will ultimately cost more money along the way.
The lesson here is to price your home at market rate. It simply doesn’t matter what you paid.