I am not sure if this should be home buyer warning or a home seller tip.
I recently reviewed a listing where the property is priced higher than the previous 121 sales in the neighborhood. (Those sales go back to January 2004 and included the big “run up”years.)
The home is much larger than any of the sold homes as well but what strikes me is the high price. Who is going to buy this one? Why would anyone choose this house over a similarly priced one in a more desirable are like Viera (west of I-95 in Brevard County)?
There is nothing wrong with the home's location. It is located in a neighborhood where I have previously sold homes. But it is an over-improvement.
As a buyer I recommend you look at the mid-range or even a bit lower priced homes in any neighborhood. There is no advantage to being the highest priced home.
But there can be an advantage to being the mid sized/mid-priced home down in a neighborhood of larger properties!