Real Estate Vocabulary

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Market Value- The highest price a ready, willing, and able buyer, not forced to buy, will pay to a ready, willing and able seller, not forced to sell, allowing a reasonable time for exposure in the open market.

Every now and then a seller who is considering listing their house tells me about the neighbor a few doors down the street who “gave their house away”. The first thing I do in that case is I take a peek at how many days the property was on the market, to see if the seller, quite possibly, “begged” the first buyer on the first day of the listing to make “any offer”.  Usually, this is far from the case. Many times, the home was listed for 90 days or so, and fully exposed to the market. While each case is different, I rarely notice a sale which sold for considerably less than what most reasonable people would consider “market value”.

Yesterday is not today’s reality.

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