CAN AN OVER PRICED HOME BE WORTH IT YOUR THOUGHTS PLEASE

Richie, my thoughts are only if the buyer is aware of paying more than market value, and has the means to pay it. It's up to the buyer. Now if I were the buyer, the answer would be "no." No property would be worth it for me to pay more than fair market.

Richie....it's not a wise decision to pay more than the appraised value.....but there are people who have the means and it's more important for them to get what they want.....they'll pay the price....

I'm both a broker and certified appraiser, have seen this from both sides. I've had appraisal assignments for unique homes that can't legitimately be comped; there may be none. That requires a damn good narrative explaining the situation and effort on the part of the appraiser. I also always touch base with the buyer agent and chat to see what the buyer's motivation is - out of curiosity mainly. Often it's "they love it" at which point I tell them to expect appraisal issues....not that I don't think it's also great but an underwriter really doesn't go outside the box. If they love it, they'll buy anyway.

Same as a broker. Real estate is heavily influenced by emotion and that can play a bigger part than cold data; you need to love what you buy. I've had a few buyers acknowledge that there's little to no data supporting a decision but they'll do it anyway because a house fits so well. At that point, they dance to what the seller plays.....as long as they go in eyes wide.

I see our roles as consultants - lay it out there and give them the data to make a sound decision. I don't typically offer an opinion unless asked, and they always couch an answer with "I'm not living here and paying for this". I always bring it back to what I do best - I handle the cold data and they handle the warm emotions.