If you want me to tell you what your duplex is worth, I will tell you the truth.
If you want a Realtor to tell you what you wish your duplex was worth, it isn’t me.
But there are plenty of agents who will.
The market determines the value of your duplex. Not you. Not me.
It isn’t worth the total of what you have in to it. Or what your friends tell you that you should be able to get based on what they’ve seen for sale in the neighborhood.
Single family home sales have little to nothing to do with duplex values.
And any Realtor who goes along with your hopes or friends opinions of value without market data to back it up is lying to you.
In the real estate industry, what they’re doing is called “buying a listing”. They’re telling you what you want to hear, knowing full well that at some point, you will finally realize through either a lack of showings or a sale that the property is simply overpriced.
And they hope at that point, you’ll see the light and agree to lower your price.
There wouldn’t be anything wrong with this if it weren’t for statistics from the National Association of Realtors that sellers who price their properties correctly from the start ultimately net more money thanks to immediate influx of buyers waiting for inventory to come on the market.
When a property is for sale for an abnormally long period of time, it leads buyers to believe there’s something wrong with it.
And, just like new technology at an electronics store, they will wait until it goes on sale to either look at it or buy it.
Ironically, had that new gadget come on the market near their price range to begin with, they would have looked at it and perhaps, even found a way to pay a little more. This is especially true if it was the only one on the market, with multiple buyers vying for it.
So, in the end, the Realtor who agreed to your price not only lacked integrity, but ultimately cost you money.
And wasn’t money the reason you listed with him in the first place?