Question: There is a home down the street that is identical to mine that just sold for $9,000 more than my current list price. I am furious at my Broker and want to raise my price. I can see the home down the block has more updates, but my home is still very nice. I have included both addresses for your review. Please let me know your opinion.

Answer: Thank you for including both addresses so we can better understand your position in the market. After reviewing the information, it is pretty clear that the home down the block sold for the price it did, because of its condition.                     This home was completely updated and beautiful. Although your home appears to be very nice, you lack the updates that would yield top dollar in the market. The homeowner down the block spent thousands of dollars in updates and is entitled to top dollar. Beautiful, updated homes are in high demand and will have a higher selling price. This is the basic economics of supply and demand: High demand, higher prices.                                                                                                    We are not sure why you feel your home is worth as much as your neighbor’s home? Buyers do not care that you feel you have a nice home. They have compared homes and have decided that the other home is the better value. If your home is not selling, we would suggest that you lower the price or add updates that would yield a higher price. This should be discussed with your Broker.

It is unfortunate that you did not add these updates earlier. Not only would you have been able to enjoy these improvements, but you probably would’ve sold your home by now for a higher price than you are currently listed for.