how do you know house market value is 600k? please share.
because all the asking price is ~600k in the area? doesn't reflect market value now does it? reflects asking price.

This post has been edited by Jason: Jan 19 2011, 04:35 PM

depends, if surrounding similar property transaction at 540k, it could be because that property was renovated, comes fully furnished, is a corner unit, well maintained etc. 480k could be for intermediate, very run down unit, leaking sewage, cracks on the wall, roof already eaten away by termites and somebody suicide in there.. i would be very glad if i can sell it for 480k and run off with the money.

if you are basing valuation on last transaction, then what is YOUR VALUER doing wrong. you said he is basing it off last transaction price of similar units. just because you are willing to pay more doesn't reflect its value.

but we both would agree that value is subjective. i have no information, but indeed your valuer could be lazy. find a few other valuers. if all of them come to same conclusion then you are over-paying for it.

as sellers we always ask for more, its normal but what we ask for may or may not reflect the true value.

as the seller, then you are doing great