Houses in your neighborhood are large, but only small houses have sold recently. What happens when you sell?
Scott P. Rogers
Take a look below at your neighborhood. The houses in black are larger, and have not sold recently. The houses in red are small, and have sold recently. Your house is large, and is in blue. What could you sell your house for today?
Could you sell your home for $295K Or $290K? Or even $280K? Or would the recent lower sales drag the value of your house down because of the recent sales of smaller homes?
I have found that in plenty of circumstances similar to the above:
Could you sell your home for $295K Or $290K? Or even $280K? Or would the recent lower sales drag the value of your house down because of the recent sales of smaller homes?
I have found that in plenty of circumstances similar to the above:
- Sellers believe their house is worth $295K or $300K, and that is probably a realistic value.
- Buyers believe they should be able to buy the house for $265K to $275K. This shows that they are willing to pay somewhat more for the house since it is larger, but they don't believe the value difference could really be $50K without having larger home comparable sales to examine.
- Refinancing your house could prove to be quite difficult!
