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.