I agree. I always say that something is only worth as much as you able to find someone to pay for it at the time you are selling it. When I have a garage sale, the question to answer is: Am I selling stuff to make money or to get rid of things? For me, that determines the pricing.Originally Posted by Teacher Terry
To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
Be nice whenever possible. It's always possible. HH Dalai Lama
In a world where you can be anything - be kind. Unknown
That's not true. The real value of a thing is the price at which both a buyer and a seller would be willing to make the transaction.
If a buyer wants the object and the owner wants to keep it, the buyer would have to offer more than the thing is objectively worth to induce the owner to sell it. Likewise if the owner wants to get rid of an object but few buyers are available, the owner would have to sell it for less than it is objectively worth to induce someone to buy it.
For example: If you want to own a book but aren't willing to pay the retail price, you'll wait until it goes on sale or until you find a used copy at a price you're willing to pay. OTOH if you own that book and you like it, a neighbor who sees it on your bookshelf and wants to buy it from you would have to offer more than the retail price. Why? Because you know it will take you time and effort to find and buy a replacement copy. So even though the actual value of the book on the open market doesn't change, how much a buyer is willing to pay and how little a seller is willing to sell for both depend on motivation and both values may be different from the current market price.
And the objective value of the book to any potential buyer may be different from all three of those buy-sell values. For example the factory-issued repair manual for a specific motorcycle would have great value to someone who does mechanical work on that motorcycle, but no value at all to a french chef. So even the retail price in a bookstore may be more or less than its objective value to a buyer.
It is true - "something is only worth as much as *I* (changing from "you") am able to find someone to pay for it at the time *I* (changing from "you") am selling it.
(Didn't read the rest of your post as I believe we are actually agreeing here and you just wanted to ramble on.)
To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
Be nice whenever possible. It's always possible. HH Dalai Lama
In a world where you can be anything - be kind. Unknown
You should have read the rest of my post, which explains for the benefit of people like you why that first sentence is true.
MAIN POINT: What something is "worth" to a person who owns it isn't the same as what it is "worth" to a potential buyer, and what it is "worth" on the open market may be different from both those prices for various reasons.
No, we don't agree, because you insist on seeing the value of a thing only in terms of what a seller can get for it in the open market on a given day in a given location. That is market price, not value. Gamestop shares recently had a market price of $480, but they're actual value on that same day was less than $5, just as it has been for months. Market price is the price is the price a buyer and seller are both willing to accept, it is not "what a thing is worth" for the reasons I explained in post #342.
And if you're going to use that tired old cliche, you should at least use Publilius Syrus's concise version: "Something is only worth what someone is willing to pay for it". Which is neatly refuted in https://en.wikibooks.org/wiki/Introduction_to_Economics#What_is_Value?
GameStop Chart:
Thanks but I'll pass. Happy Easter!
To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
Be nice whenever possible. It's always possible. HH Dalai Lama
In a world where you can be anything - be kind. Unknown
I have an extremely apropos quote from Mark Twain, but I'm going to be nice about this and not use it....
The home inspection report identified lots of problems but luckily none were major issues. They can all be fixed for 13k which I am happily taking off the price of the house. They bid 30k over asking. My realtor thought I should ask 380 for the house but I wanted a quick sale so asked 370. Well now they are getting it for 387 and that’s with fixing everything in the report which usually doesn’t happen. I am happy because the closing will proceed on the 16th and I can close on my condo.
TT, love your attitude. Many a sale has been damaged due to unrealistic demands.
That is turning out so well!
Thanks Sweetana! This is the tenth house or condo I have sold. Real estate is give and take and I like things to be a win-win. I don’t think anyone has to lose. I have always been a realist and optimistic because there’s no sense in fighting what needs to be done. When I moved here 24 years ago my income was the same as my retirement income is now and my condo payments will be the same. Staying in the house would have made me poor and I wouldn’t have felt safe. I will miss my patio and backyard. The good news is that I have savings and won’t have to save for retirement out of the money
I will have money to travel and to do things. My youngest son and I plan to take a cruise when Canada opens up. My condo is a great place to age and I won’t have to move again. I have a nice balcony that overlooks a courtyard which is a lovely green space.
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