“I’d like to find out the value of my home. But you can’t really use comps to determine the value. When can you come over?”
***ANSWER:
Uh oh. That’s short-hand for:
“Scrap the accepted, time-tested way of evaluating homes because that won’t support the crazy price I want. Instead, get out the Ouija Board, tarot cards, and tea leaves to set the price. And if that doesn’t get us high enough, I’ll just tell you the premium price that I feel I should get, and I should get that price for no other reason than it’s MY house.”
In only the most extraordinary one-in-ten-thousand situations do you scrap the “comparable sales approach” (aka “market data approach”) and instead use the “cost approach” to evaluate a home.
Because I haven’t determined the value of real estate 10,000 times (I’ve only hit about 6,000), I haven’t encountered one yet.
You could be the one, but I doubt it.
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