Dear Monica: I want to sell my house but to make the economics work I need to get a certain amount, which may be a bit high for the current market. Any advice? Leon G.
Dear Leon: It is common to hear sellers and buyers say that in order to sell or buy a property they need a certain amount. This makes sense for them and goes to their motivation and their ability to purchase or sell.
But market value is different than what the buyers’ or sellers’ needs are. Market value is what a willing buyer will pay a willing seller and is based almost entirely on objective factors, e.g., what comparable properties are selling for. If you know that recent sales support the price you want to either get or pay, then you are in a good position. If not, you should wait until your needs match the market.