Question:
“Can you compare this listing at [address removed] to our house? It has no garage and is not remodeled like ours, but it’s listed at $725,000. Based on this, don’t you think our home is worth more than $800,000?”
Answer:
I’d say your house is worth more than the one you referenced.
However, as you know, the list price of another home doesn’t tell us anything until it sells. It tells us what an owner wants, but not what a buyer will pay.
For example, did you ever see the home that was for sale in Bay Park? It was actually for sale on and off for over 20 years.
It was listed as high as value range 3.6M to 4.2M in 2003, but eventually sold for 693K.
Yes, it’s a crazy and extreme case, but it really shows you that you can’t use another home’s list price to determine the value of your home.
