But My Neighbor's House is Going to Sell at Full List Price
If I had a nickel for every time a real estate agent heard that on a listing appointment, I would have an oasis of a back yard. Pool. Composite deck, partially screened. Stamped concrete patio. And don't forget the hot tub. Oh...and landscaping. I'd probably have a lot left over to put toward fun trips to...like the fantasy land these neighbors are living in.
Whenever a real estate agent hears from a potential client, be it buyer or seller, how good a deal their buddy or neighbor got, we internally roll our eyes. If it's a seller, they lied to by inflating their sales price. If they are a buyer, they lied to you by decreasing the amount they paid. No one wants to be perceived as a loser. So no matter what your friend or neighbor told you, VERIFY IT.
The last listing appointment I was on where someone was telling me that their neighbor was going to sell at full list price, which would have been a record high in the neighborhood, I suggested that perhaps their neighbor was stretching the truth. Just about every seller does to their neighbors. What do they care? They are on the way out. My response was not well received. I definitely didn't get hired and that's really okay.
Sure it would've been nice to market a beautiful home for sale, but at a reasonable price. You can't base your list price on the word of your neighbor whose home hasn't closed yet. These potential sellers did. And in a market where homes like theirs were selling in two to three weeks, they have been on the market for nearly two months. And the neighbor's house just showed up on comps for another listing appointment I'm headed to this evening. The neighbor did not get full list price, for their superior home. They inflated enough to put their believing neighbors, trying to sell, into a pickle.
Listen to the professional sitting in front of you. We know the comps. We know our local markets. Trust us, if you really want to sell.