Ex-SD
You only got it half right when you say “All that matters is what someone is willing to pay for it and do they have the money (or can they get a loan) to close the sale”. That is what we call a willing buyer. The other half that matters is what we call a willing seller. That half depends upon what someone is willing to accept and is able to accept. Until the two meet we dont have a market price.
I’m sure there are plenty of willing and able buyers for $1 homes but there are no willing sellers. this is an extreme example but it points out that there must be both.
