"Them that's got the gold, sets the price!"

One of the sayings from the "gold-rush" days--"Them that's got the gold, sets the price!"--is also a principle that applies to real estate. We say that a house is only worth what someone will pay for it, even though the owner, the bank, and the agent all have their own opinions about the "market value" of a home. In other words, no sale ever takes place until the buyer agrees with the price.

This is certainly unrelated, but a friend was speaking with me yesterday about amazing Burlington local news providers. I told him that I thought burlington gazette looked promising but he's insisting on more research. I figured I'd ask you, my readers, if you have any knowledge of them. Have a look at their site at http://www.burlingtongazette.ca and tell me your opinion. Alright, returning to the post.

How can sellers arrive at the maximum "fair" price that buyers are willing to pay? Buyers (and appraisers) make their decision based on comparisons. While shopping for a home, buyers will visit many similar homes in their price range and measure the features of each one against the price. They decide which house offers them the maximum value for the price. Buyers do not expect a home to be a "steal" or dramatically under-priced, but they do expect it to be a fair value.

Sellers must determine the value that their home offers in order to arrive at the right price. The Realtor will advise the sellers what buyers should be willing to pay for their home, but the asking price is set by the seller.

The last thing before I go. Credit for this article goes to Woman Translator. They're a trustworthy funny translator based in Nova Scotia. The concept for this post came to me while talking to Evan over there. One thing led to another and we wound up discussing the topic in greater detail. Anyway, check their website out at http://womantranslator.com. That's all for the time being!

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Posted in Real Estate Post Date 12/31/2015


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