Imagine this. You have a property that you feel is worth say $500,000 and won’t sell it for any lower than that. However, you wanted to move. As it turns out, it’s a buyer’s market as prices have been dropping everywhere where a $600,000 property you were interested in before now lists for about $400,000. Great deal right? All you need to do is sell your property. However, this was the surprising part as despite the market conditions the person refuses to sell their place for less than $500,000.
That makes no sense if you think about it as before if they say sold they place for $500,000 and bought the exact place they wanted they would have had to spend an extra $100,000. Now they could actually get that exact place they wanted by breaking even if they sold their place for $400,000. However, they were still stuck on the idea that they must get $500,000 for their place.
It’s kind of amazing when people don’t view their investments with an overall picture on how the market truly is right now. Like stocks, your property value can go up and down. The other perspective too is a home is for living in for the most part. Like here, if you can get the exact location and place that you desired for equal current market value it’s kind of silly not to do it. Especially if that property saves you a lot of time and money just due to the location.