Quote:
Originally Posted by GasHouseGang
Past sales are used in every market place. That's why price guides have developed over the years. Whether you're talking about cars, houses, or baseball cards, we have used price guides. The guides aren't perfect. They are only guides to help you arrive at a price. Most of the guides used to only come as monthly updates, but now you get nearly daily updates on the web based guides. But the accuracy of these guide depends on the amount of data fed into the guide's database. But if that's not fast enough for you, I guess you can look at the latest ebay sales.
If you aren't going to use some kind of past comparison, how do you ever have any idea what to pay for an item? If you find yourself saying, "This card just sold for x dollars last week on that online auction. I can't sell that cheap." Well, then you are basing your value on past sales.
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I agree with the OP, past sales seem to be a way to not have the courage or ability to read the people and desirability of your product to set your own price, even in the housing market.
I had someone do a cold call on me to buy my house. They pulled up some market comps to come up with their offer price and mine was not even on the market.
I told them, "there is a reason you are asking to buy MY house and not the others that you are using comps for," and basically told them to pound sand.