The Nosey Neighbor CMA..or the REAL Barometer of Your Home’s Value!

 

Recently, one of my neighbors put their home on the market. I might add that this is a stunning home and is professionally landscaped and decorated. I have an office in my home that faces this house. From one of the windows, I can see all the activity and the “comings and goings” of agents with clients. Now before you tell me to “get a life”……I just want to make it clear I don’t stare out the window all day (ok sometimes I do)…. but I do hear voices and doors closing when the weather is warm and the windows are open.

My feeling was that this property was not priced right, as a matter of fact it was priced significantly higher than the competition. I had the agreement of Comps and a few local friends who are agents. The neighbor is a friend, but decided (for reasons I do not understand nor want to get into) to hire a “neighborhood specialist”.

In the past 2 weeks this is what I witnessed:

3 sets of clients driving up, walking around the house, looking up the street and then down the street, and then getting in the agent’s car and driving away.

3 couples brought by agents who entered the house and spent approximately 3-5 minutes inside.

1 couple brought by an agent who spent 5 minutes walking around the outside and backyard.

Several cars coming to a slowdown, looking at the house and then driving off.

No Offers  or interest to date.

Now there is absolutely no scientific methods I have used nor do I assume I have seen all the showings, but when I witness the above scenarios during the first 2 weeks of the sale of this SFR in a very strong market in an urban neighborhood in San Diego….. I can’t help but draw the conclusion that this house is not priced right for the current market conditions.

I hope the present agent picks up on the feedback he will hopefully get from the the Buyers’ agents. Of course he may have just wanted to “get the Listing” at any price. Over pricing a home does a major disservice to your client and wastes valuable time. It doesn’t get the property SOLD. It is deceitful, makes you look uninformed and it is bad business practice.  

 

 

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