You visit a garage sale on a sunny Saturday morning and find a bicycle that you think would be perfect for your child. You look at the price tag and it’s about twice as much as you would expect to pay. When you question the owner, he says, “That bike has a lot of sentimental value for me. I couldn’t let it go for less.”
Chances are, you’ll pass on the bike. The owner sees the bike and happily remembers teaching his daughter to ride it. What you see is just a bike! You can’t buy someone else’s memories.
This scenario sometimes plays itself out in real estate. A homeowner has fond memories of his home. He may have renovated the den himself and is proud of his work. He may delight in memories of family BBQs on the deck. That doesn’t mean the house will sell for more than its market value.
So when you put your property on the market, make sure emotions don’t get in the way of pricing it properly.
Fortunately, memories will stay with you, even without your house. You’ll be able to happily take them along to your next home.