Agent

What real estate prices say about a culture

Book Review: 'The Price of Everything: Solving the Mystery of Why We Pay What We Do'
Published on Mar 8, 2011

You might think that Shakespeare's "Merchant of Venice" is excessively highbrow to be referenced much in the Southern-style, gospel music-filled services of African-American Missionary Baptist churches. Allow me to correct this misperception.

As a lifelong attendee of such services, there is one quote of the Bard I've heard, if once, a thousand times: "Even the Devil can cite Scripture for his purpose."

And so it is with homebuyers and the psycho-mathematical contortionism they practice in justifying the value they assign to a home, as most often reflected in an offer to buy a particular property.

Emboldened by the hazy refrain on which real estate agents cut their teeth -- that the fair market value of a home is what a qualified buyer is willing to pay for it -- buyers overlook highly comparable recent sales, they compare the price per square foot of the sprawling, ranch-style home they want to buy with the price per ...

Comments