Home’s value just one ingredient in sales recipe

Editor's note: The following excerpt was a post written and submitted by Sellsius Real Estate at the Inman News Blog. It opens an interesting dialogue about the difference between property valuation and a home's final sales price. To offer your opinion, click here to join the online discussion. We read an interesting post at Joel Burslem's Future of Real Estate Marketing blog about the MyCurrency valuation site. (See Inman News story, "New valuation site relies on wisdom of crowds.") Valuation, the apparent Holy Grail of pricing real estate, always fascinates us since we have experienced so many cases where valuation had little to do with the final sales price. It is often said that thevalue of a home is what someone will pay for it. While it may not be technically true, i.e., the sales price may be above or below generally accepted fair market value, it encompasses what real estate sales is all about -- selling the property. It's really not about valuation. This is not to say valuat...