I was asked the above question just the other day and I would like to share with you what I told my client. Any offer that you receive on your home, in a good market or bad market, must be assessed based on the current market. If a seller makes a decision to accept or reject the offer that is before them based on; what they want for the house, what the house cost to build, or what the seller has 'into' the house then those decisions generally result in lower net prices for the seller. Let me explain. The emotions of selling can run high, but as a seller you have to remember that the buyer is not that emotionally involved in your home--yet. The buyer has seen literally dozens of homes and has compared them to yours. By the time they make the offer they have done some research and have come up with a fairly good estimate of what they think the home is worth. I liken this to the stock market. If you buy a good stock at $30/share and for some reason, out of your control, that stock goes down to $25/share, just because you think it is a great stock does not change the value. Real Estate is a little more complicated than that but the same principles apply. Your home is only what it is worth in the current market. The hard part of all of this is when the market is in decline, you can not accept the new value or market price of your home. But conversely when the market is accelerating I rather doubt you would have a hard time accepting the accelerated value of your home. It works both ways.
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