What this agent did not realize was that two blocks over in Redwood City was the Redwood Highlands, similar homes typically sell for at least $200,000 less in this neighborhood vs. Edgewood Park. The area is simply not considered as prestigious. As expected, the agent priced the home about $200,000 dollars under its real market value. The homeowner's neighbors were kind enough to point this out immediately to the elderly homeowner and the agent was fired and replaced by a local realtor that understood the local market.
The lesson here is that in cities like Redwood City and San Carlos, it's all about pockets. If you live in an area where similar homes are worth relatively the same money for many blocks all around you, then maybe a neighborhood expert is not as important. However, in the Bay Area Peninsula value can change very quickly depending on a specific street or school system.
Also, sometimes the big realtor is not the agent you want, you want the person that both understands your market and has the time to tend to your needs.
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Mark Martinho
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