Sellers are much more realistic about the value of their homes than they were a year ago. In early 2009 when I gave home owners a value the number was often met with shock and dismay. Most home owners have caught onto the fact that if they bought their home in the last decade it may not be worth more than it was when they bought it and may even be worth less.
Yet there always have been and always will be sellers who determine the value of their home by how much they need. They figure out how much they owe on it, what their selling expenses will be and maybe how much they need for a down payment on a home and add it all together and that becomes their asking price. The number has nothing to do with how much a buyer will pay for a home or how much an appraiser will say that is is worth. Yet that is how the price is set.
The amount owed on the home or what was paid for it has nothing to do with the current value, neither does how much money the seller needs. As a home owner myself I have had to come to grips with the fact that my home was worth more money in 2006 than it is worth now. I also know that I could buy another home for less than I would have had to pay for it a few years ago, that takes some of the "ouch" out of the new value, but not the higher taxes. If you set your price by how much money you need and that amount is more than your home is worth to a buyer, it is simple, you will continue to be a home owner but not a home seller. .
I think I write this post or one just like it every year. . . see ya next year.