Million Dollar Neighbor
Million Dollar Neighbor
Didn’t your mother tell you not to believe everything you hear?
You might think you have a million dollar neighbor but… don’t make any bets on what you hear. The truth is that the list price is not always the actual sale price.
At neighborhood gatherings, people want to know the sale price of the neighbor’s house. Normally I reply with a question “what did you hear or what do you think?”.
The response is usually way off about 50% of the time – not because the data isn’t available on county web sites– but because we tend to believe what we hear from neighbors and friends.
To provide some idea about sale prices I pulled information from several areas throughout Cincinnati. The chart below reflects the average sales price and the highest sales price. The prices are for single family homes which closed between 02/28/17 – 02/28/18
(Data from the Multiple Listing Service of Greater Cincinnati.)
In most cases, the average sale price is significantly lower than the high dollar sale.
If you’re wondering about sale prices of property -just send me the address and I will be glad to look up the details. That way you’ll know the truth about your million dollar neighbor.
