In the end it is what a given house is worth to you.
I think when we were shopping we ran into three types of listing.
1. I am selling for a good reason ie death illness need to move close to kids etc. and will take a reasonable offer.
2. I am listing and will relocate to the newer area because they are new and shiny or I wish I had bought one with a _______. (fill in the blank) and want to cover cost of new place and all I want to do to it.
3. I bought 13 months ago and can now sell without giving the villages the extra profit and will list for as high as I can and still get lookers (If you track you will see these listings come on in the winter and drop off in the summer and then come back)
In all the cases people are usually adding the cost of their improvements the real estate 6% commission and about to my calculations about 25K to 75K.
I did a calculation based on cost to replicate new and add improvements, deducted for depreciation of appliances etc. and offered that price. I included a sheet with my calculation with the offer. I don't know if their realtor showed it to them but at least he had it. Ended up pretty close to that but not at what they had been asking. I felt that way I could sleep nights knowing that I hadn't overpaid.
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My opinion is worth what it costs that and $3.75 will get you a cup of coffee 
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