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• MARILYN FARBER JACOBS
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Pricing >The Value of Your House One of the sayings from the "gold-rush" days--"Them that's got the gold, sets the price!"--is also a principle that applies to real estate. We say that a house is only worth what someone will pay for it, even though the owner, the bank, and the agent all have their own opinions about the "market value" of a home. In other words, no sale ever takes place until the buyer agrees with the price. How can sellers arrive at the maximum "fair" price that buyers are willing to pay? Buyers (and appraisers) make their decision based on comparisons. While shopping for a home, buyers will visit many similar homes in their price range and measure the features of each one against the price. They decide which house offers them the maximum value for the price. Buyers do not expect a home to be a "steal" or dramatically under-priced, but they do expect it to be a fair value. Sellers must determine the value that their home offers in order to arrive at the right price. The real estate agent will advise the sellers what buyers should be willing to pay for their home, but the asking price is set by the seller. See All Tips In The "Pricing" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What was the first land designated by the US government as a National Park? A  Yellowstone was established "as a public park or pleasuring ground for the benefit and enjoyment of people" in March 1872. See More Real Estate Trivia >