One Way to Get the Wrong Value on Your Home? Ask Your Neighbor!

If you want to get the wrong value of your property, talk to your neighbors. Let me explain why.

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When I speak to homeowners, I often hear the same story. They’ve spoken to a neighbor across the street and are being told that said neighbor sold their property for “X” amount of money. Then, the homeowner follows up with a neighbor situated behind them and are told that 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 is 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. 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.

 

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