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  • fry.jpg

    The type of value we're talking about here is 'open market value' its definition is exactly what you said - what someone is willing to pay. There are other measures, like the value of the materials and labour to build a house, but that's not what's being discussed.

  • I know, but:

    My point is that there is no market efficiency effect because everyone is swayed (to some degree) by what the estate agents say when they value the property.

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