Guessing the Value of your Home

pool at a condo complex in TucsonI was cornered the other day by someone wanting me to guess how much their home was worth.  I  politely said that I couldn’t quote them prices without doing some research, but that I’d be happy to pull some comparable solds for them.

Oh, no, no, no, she says.  I just want to know how much you think it’s worth.

Here’s the thing: I will never quote you a price without research.  Because - even if we’re just chatting at a party - I’m potentially liable for that price.  So if I offhand tell you that I think your home is worth maybe $350,000, and you go sell it to your neighbor for that much, who immediately resells it for the fair market value of $425k, then guess who you’re going to be very angry at?

The crazy thing is, as soon as I open my mouth and give you any kind of advice, I’m potentially creating an implied agency relationship with you, even if we have no formal agreement.  And I know most reasonable people are just looking for a little conversation, understanding we’re having casual chat, but there’s the potential that someone will take my offhand comment as firm advice.

So please - if you want me to guess the value of your home, just let me do a little research for you.  I’m happy to do that.  Really.  It’s no problem.  And I’m not even going to hound you to sell it afterwards.  I promise.

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Equal Housing Opportunity Realtor
Applied Real Estate Technology