I recently went on a listing appointment on Hilton Head. While I was going over what was going on in the market I was stopped mid sentence. The owner said that these market conditions didn’t apply to them because they had a unique home – despite the fact that most homes prices have fallen a significant amount since 2005.
This particular owner said that his home was worth what he paid for the home in 2005 because it had such a good floor plan and view. I once even had an oceanfront homeowner tell me his house was worth what he paid four years prior because he had a nice swimming pool.
It’s important to remember – the rising tide lifts all boats – the same applies in reverse.