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Wednesday, May 04, 2011

Home was purchased for ____ in 2005. What is the point?

Unfortunately the reality is no one, especially a prospective buyer, cares what you home was purchased for in 2005.

I saw an MLS entry that pointed out to agents how much this home cost the seller six years ago.  (Actually it is a short sale so it really is how much it cost the lender.)

It is unfortunate the seller is in this situation.  It is unfortunate for all sellers the market value has dropped all over Brevard County, Florida and many sellers find themselves upside down.

But, it is fortunate for buyers in Brevard County, Florida that the prices have dropped.

When the buyer of this home (or any other home) sells five or ten years down the road, will they advertise how much they paid for the house in 2011?  I doubt it!

The only relevant price is the market price today.

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