What a house is really worth

[kagster]

Here is a story about a lady from Virginia who wanted to sell her home for $1.1 million. However, there were not taker and finally used an auction.

50% drop unlikely? Read this story…

http://www.post-gazette.com/pg/06235/715695-28.stm

[no_such_reality]

Interesting.

Can’t sell, cut price, cut it again, then try an auction and dispair.

Can’t sell, rent it, at a loss.

Can’t sell, cut the price and think of finding a renter.

That’s actually why I see the rental market softening. People are renting their places out as a last resort since they can’t get it sold.

[vcguy_10]

Link to the original story.

[contraman]

A little late night story time,

You know when I was young I used to collect baseball cards (late 80's). I would buy a magazine called Beckett to find out what they were worth every month.

I would brag to my Dad about how my collection was worth so much and how a card I had last month that worth 20.00 is now worth 35.00.

Man, how I was excited. My Dad would just look at me and nod…

I remember my first experience trying to sell the cards to a Investor / Collector. I handed him a few of my doubles, knew what the Beckett (MLS) said they were worth ( I was a smart kid), and then he said he would give me 30% of what I was expecting to get for them.

I went home that day a little discouraged to say the least. My Dad saw my sad countenance and asked me what was wrong.

I proceeded to tell him my experience and he looked at me and said something I have never forgotten to this day concerning the VALUE and WORTH of something… 

"Son, always remember, it is only worth what someone is willing to pay for it"  

Sincerely, Contraman

[JES]

Very good lesson contraman. I remember buying Beckett and constantly looking to see what my cards were worth. I have another twist. I had a Jose Canseco rookie card that was worth $100+ when I was in middle school. I was rich. Until a few years later when it dropped to worthless! I believe he’s trying to make a comeback though so perhaps it will rise again:) I kept the card too long and should have sold when the market was hot, just like so many homeowners out there. Unlike my card, however, their homes should not drop to worthless!

[Author]

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