Your Memories May Be Priceless. That Doesn’t Mean the Buyer Is Going to Pay for Them.
Written by Devone Richard
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I Know. Your House Is Different.
I’ve heard it for years.
“But my house is special.”
Of course it is.
You raised your children there.
You remodeled the kitchen.
You planted the trees in the backyard.
You remember birthdays, holidays and family dinners.
You know every inch of that house.
To you, it’s not just property.
It’s part of your life.
I respect that.
But now I’m going to tell you something your Realtor may be afraid to say:
The buyer doesn’t care.
Not because they’re heartless.
Because they’re not buying your memories.
They’re buying your house.
EVERY SELLER THINKS THEIR HOUSE IS BETTER
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Here’s where things get interesting.
The house down the street sold for $900,000.
Seller:
“Ours is much nicer.”
Another sold for $925,000.
“They didn’t have our backyard.”
Another sold for $950,000.
“Our kitchen is better.”
Pretty soon, three comparable homes sold between $900,000 and $950,000…
And somehow your house is worth $1.2 million.
Why?
Because it’s yours.
That’s not market value. That’s emotional value.
THE BUYER DOESN’T PAY FOR YOUR MEMORIES
You remember your daughter’s graduation party in the backyard.
The buyer sees an old patio.
You remember cooking Thanksgiving dinner in that kitchen.
The buyer sees cabinets they want to replace.
You love the custom flooring you installed 15 years ago.
The buyer is calculating how much it’ll cost to tear it out.
That’s the painful reality of selling.
What has enormous emotional value to you may have absolutely no financial value to the next person.
AND YOUR UPGRADES AREN’T WORTH WHATEVER YOU PAID FOR THEM
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“I put $150,000 into this house.”
Okay.
That doesn’t automatically make the house worth $150,000 more.
You chose those improvements for your enjoyment.
Maybe you spent $40,000 on a pool.
The next buyer doesn’t want a pool.
Maybe you spent $30,000 on custom cabinets.
The buyer hates them.
Maybe you converted a bedroom into a giant closet.
You love it.
The buyer needs the bedroom.
Cost and value are not the same thing.
REALTORS NEED TO STOP FEEDING THIS
This is where our industry has to do better.
Seller:
“My house is special. I want $1.3 million.”
The comps support $1 million.
And some Realtor says:
“I agree. Let’s try it.”
Why?
Because they want the listing.
Stop it.
Your job isn’t to validate the seller’s emotional attachment.
Your job is to determine how the market is likely to value the property.
Sometimes being a professional means telling someone:
“Your house is beautiful. But the market doesn’t support that price.”
If that costs you the listing?
So be it.
YOUR HOUSE CAN BE SPECIAL AND STILL BE OVERPRICED
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These two things can exist at the same time.
Your house can be gorgeous.
And overpriced.
Your renovations can be impressive.
And overpriced.
You can have the nicest house on the street.
And still be overpriced.
The market doesn’t punish you because it dislikes your property.
It simply compares what you’re offering against everything else the buyer can purchase.
If your house is $1.2 million and comparable properties are $950,000…
The buyer doesn’t have to argue with you.
They just buy somebody else’s house.
FINAL THOUGHT
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Sellers, your house is special.
To you.
And that’s okay.
Those memories should mean something.
But when you decide to sell, you have to separate emotional value from market value.
The buyer isn’t purchasing your memories.
They’re purchasing the property.
So don’t ask:
“What is this house worth to me?”
Ask:
“What will the market pay for it?”
Because you don’t have to agree with the market.
You don’t even have to like the answer.
But eventually…
The market gets the final vote.
Written by Devone Richard
Broker/Owner | OYT Real Estate
California Broker #01857383
Nevada Broker #1002115
📞 626-500-1212 | 702-941-0202
🌐 OYTRealEstate.com