How often do we hear this Frisco TX home seller statement? "I dont want to give my house away..."

Realize that real estate professionals and appraisers can give sellers an opinion of the market value. The keyword here is "opinion". It also must be validated by the most important "other side" of the equation, the buyer. Again, when an opinion of the market value is obtained, it is just an estimated figure of what the market would take. In this discussion, I am not mentioning about houses who are priced attractively below the "market value" to produce multiple offers. I am discussing about a Seller's ability to obtain the highest and best price, given the location, price and features of the house.

There is no real market value until a buyer is willing to pay for a price for the house. Really. If the seller perceived the house to be worth $300,000 - that specific number may be generated by comps given by realtors or appraisers. Definitely not the tax assessors.

Could it be worth $283,000 to Mr. Buyer A? Of course. If he wants to take consideration that it's not such a perfect location for the drive to work everyday, but at $283,000, the little inconvenience is worth it.

Could the same house be worth $315,000 to Mr. Buyer B? Most definitely. Mr. Buyer B wants to buy a house in the same community as his mother-in-law so that MIL could take care of his two young children while he is at work.

Turn around for the Seller's situation.

Does he really want to wait for the $300,000 offer and take nothing less (because he thinks it's worth $300,000) while he and his wife and children are living in a different city while waiting for the house to sell? Does he really want to hold out for $300,000 because his pride and ego gets in the way of making rational judgment? It could be very well true, that market statistics do indicate that the house is worth $300,000 under "normal and typical" circumstances... But in life, is there really a "normal and typical" day or circumstance?

So, when sellers say, "I dont want to give my house away"... Who says you are giving it away? (I hope I have not offended any sellers reading my blog. It is never my intentions to write with vengence. I am barely writing it from my day-to-day real estate experiences.)

P/S: Message to buyers... You might feel like the argument is made to your advantage here. In many ways, yes. But please do not forget that someday you become a Seller too. Even if you timed it well, that you sell in a Seller's market, unless you never turn around to become a buyer, then action may work in your favor.