What does the neighbor’s sales price do to your home value?
I just showed some houses here in St Pete beach.
Wonderful waterfront, most houses are about 30 to 40 years old,
remodeled and have 2000 heated sf, give or take.
A few of them sold in the last couple of month and the sales price was around $850,000
Now we have one foreclosure and one short sale in the area, one is asking $650,000 the other $680,000.
If these two sell in the next few months, what does this do to the home in the area?
Well, the way the market has been going here in St Pete beach or for this matter Pinellas County, it will affect your value. I have seen some recent appraisals where they take the short sales and foreclosures in the area into consideration and that drops the prices big time. The “oh that was a “fire sale, it should not really count” is not working anymore