According to WESH Channel 2, “Orlando is becoming one of the most difficult cities in America to sell a home for fair-market value.” Note to news editors at WESH: “fair market value” is the price at which buyers and sellers are willing to conclude a deal. If sellers can’t sell their homes, by definition they are pricing them above “fair market value.” Similar confusion besets homeowner James Phillips: “I’m not really desperate to sell,” Phillips said. “I know the value of my house, so I just have to wait it out.” The value of one’s house is what someone is willing to pay for it! It’s true that if one holds out long enough, sometimes an idiosyncratic buyer will come along and pay the price the seller thinks the house is worth. But in a declining market, more often the seller eventually has to eventually lower his price well below what he could have sold it for originally if he had priced it at the true “market price,” rather then the price he thinks his house deserves.