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How Much Is A View Worth?

Wenatchee, Washington Last week I had a listing appointment. When I arrived, the owner said he wanted me to establish a realistic price to SELL it and not set an inflated price to get the listing.

He said "you're going to get the listing anyway".   He's been a builder in the area for a long time and knows some agents use that tactic. Truth is, a house is worth what it is worth to a buyer (not the agent)... unless, of course, the agent intends to buy it. If an agent does take a listing then offers to buy it, you can be sure they set the price too low!

Even though our market is still one of the strongest in the nation, he knows the inventory has grown and the market is not in the frenzy it was a year ago. So, we talked about that.

I recommended a price based on comparable inventory and sales. His reaction was "you couldn't build this house for that AND we're giving the view away free".   So, what is a view worth if we price the home then add for the view? He wasn't rude or obnoxious about it, but when it came down to the reality of setting the price (and discussing net proceeds) he just wasn't quite ready for it.

We did come to agreement on a price. It's high quality construction home (excellent builder who built for his own primary residence) in a good location with a truly fabulous panoramic view of the valley and river.

We will have our REALTOR open house this week and get feedback. If we don't see some action in the next 2-3 weeks, we will re-evaluate the pricing.

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Carol Williams

Posted by Carol Williams Wenatchee Real Estate on 03/23/2008 02:00 PM

Comments (5)

wenatchee, washington, pricing homes, what is a view worth, carol williams, wenatchee real estate agent

5 Comments on How Much Is A View Worth?

MAR

2008

A view on the Gulf of Mexico is probably worth $300 - 800K. All things considered, the view ( location ) is what drives the value and is supported by higher resale pric, rents, etc.

Hi Carol - it is, at times, hard to establish a value on a view. I'm glad you reached an agreement on the price, and gauging the market reaction over the next 2-3 weeks will tell you what you need to know on the price. Best wishes for a nice smooth sale!

Ann

I love the line "we did come to an agreement on price". Most often we value the property as a collaboration with the owner, and not independently or without the owner's input.

Great post! It looks like most houses there would have a view...no?

BILL: Well, we all know location is a key factor but (as ARDELL surmised in one of the comments) most properties in Wenatchee do have a view. We live in a Valley and many, many homes are on the hillside. Makes me wonder if people don't care if their kids have a yard to play in anymore.

ANN: Good to hear from you! Spring activity has been good, so that should give us a good indication if we're in the right range.

ARDELL: Yup... we're in a valley so the majority of homes do have a view of some kind. So, the supply of view properties is not exactly in short supply.

MAR

2008

For my money, the house with the view will always trump the one without it.

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