If you want to get the wrong value of your property, talk to your neighbors. Let me explain why.
“Hi neighbor, how much did you sell your home for?”
When I speak to homeowners, I often hear the same story. They have spoken to a neighbor across the street and are being told they sold their property for “X” amount of money. Then, the homeowner follows up with a neighbor situated behind them. This neighbor also says that the property sold for a similar sum of money.
The homeowner then believes that their property is worth this magical “X” amount. At this stage, I immediately go to the county tax records. Ninety-nine percent of the time, the information provided by the neighbors are incorrect.
Now, I don’t believe that the neighbors are bad people who are intentionally trying to be misleading. My gut tells me that in most cases, these people are hyping up the results. As a way of appearing successful to others, they inflate the price. It’s human nature.
Long story short, If you’re trying to determine the value of your property by asking your neighbors, be sure to verify the data first so that you’re working with accurate numbers. A simple way to do so is by calling a local real estate agent who can verify this information in no time. In addition, they can also offer you to give you a value on your home so you have a better idea of its’ worth.