I did an FHA appraisal inspection this morning, and the owner casually mentioned what she and her husband thought their house should be worth. Of course, I always make a note of what they say, just for my records, and then proceed to explain the current reality of the market.
Funny how while I'm explaining that the market has dropped off about 12% in 2008 vs 2007, I can see the glazed over look in their eyes, and the reaction on the owner's face... you know, the one that says 'Well, that may be what the numbers say and how the overall market's doing, but that doesn't apply to my house.'
Of course not, your house is the exception.
Your house is worth WAY more than everyone else's, even though you still have the original vinyl flooring and formica counters from 1987 in the bathrooms, and the indoor/outdoor carpet in the kitchen and dining room.
No, your house is totally different and better than all the others, so of course it's worth whatever you think it should be worth, because that's what you told the lender, and that's what you need to make your loan work, and besides, you know the market.
I just smile and think to myself wow... some people just don't get it.
Delusion... coming soon to a community near you.