People now base home value on much more than just price and location.
Berkshire Hathaway HomeServices released “its first quarterly Homeowner Sentiment Survey showing that people’s perception of home value in the post-crash era runs much deeper than standard measures of price and location. Today’s property owners and prospective home buyers define value in broader terms of personal confidence in their housing investment and how a property will meet their family needs now and in the future” (Berkshire Hathaway HomeServices, “Homeowners Voice a Shifting Sense of Home Value in New Study #GoodToKnow”, http://bhhsimages.fnistools.com/Uploads/RECos/1265/ContentFiles/q12015homeownersentimentsurveynationalpressrelease.pdf).
According to “HSF Affiliates CEO Gino Blefari, ‘Owners are telling us a home is more than its price tag, and they’re placing more value in a home’s intrinsic qualities of wealth building, safety, satisfaction and a place to raise a family.'”
Read more about the report here: “Homeowners Voice a Shifting Sense of Home Value in New Study #GoodToKnow”