Price is what the vendor is asking for.
Value is subjective. It is how much a buyer would pay for it. What one offers for a property can be very different from the other buyer.
A sale is only made when the price meets the value.
It is common to see a vendor overpricing their property. Everyone believes what they have is worth more and hope to get the best money from it.
As a buyer, would you pay that money for it? That's value.
Many times, sales could not happen when the mismatch is too big.
As a buyer agent, we look after the buyer's interest in the purchase, and helps to ensure the buyers get what they wanted, at a price they are willing to pay. We look at fair value and advice both the buyer and seller on the best possible outcome to get the sale going.
The article is an example of when there is a huge disconnect between price and value.
Have a read, and let us know what you think.