In the middle of September, one of my listings sold for $160,000. It was a cute 2 bedroom, 1 bath home that the owner had just remodeled with new kitchen, new bath and fresh paint inside an out. It was originally listed at $199,000, but generated only a handful of showings at that price. A month after we listed it, the price was dropped to $179,000, which gave us a few more showings, but no real rush of activity. It eventually sold for $160,000.
I've noticed that it is back on the market again, this time with an asking price of $197,350, and was listed exactly a month after the last sale. The new owners have done nothing to the property. They haven't even taken care of the weeds in the backyard, which are now out of hand.
So why is it worth over $37,000 more? And how will it appraise if it does sell considering that it is going to be one of it's own comparable recent sales?