Why Your Neighbor’s Staten Island Sale Price Is Not Your Sale Price
Here is the conversation I have at least once a week.
Seller: “The house two doors down sold for $820,000. So mine should be $820,000 too. Maybe more because mine is bigger.”
Me: “Let me walk through what that sale actually was.”
An hour later, the real adjusted number is $740,000 to $770,000. Not $820,000. The seller is quiet. The math is undeniable.
Your neighbor’s sale price is not your sale price. Not even close. Here is why that assumption costs sellers tens of thousands of dollars.
I am Allison Mireau with Real Connect Group.
The anchor nobody questions
The neighbor’s sale is the most emotional anchor in real estate.
You saw them list
You saw them sell
You know their house
You remember the number
You decide your house must be worth at least that much
Usually more, because you like your house better than theirs
None of that is comp analysis. All of that is memory and ego combining into a price assumption.
The problem is that your memory of their sale is wrong in at least 5 of the 10 ways that matter.
The ten things you probably got wrong about the neighbor’s sale
1. The timing
“They sold recently”
Recently was 18 months ago
The market has moved since then
Not a current comp
2. The actual sale price
“They got $820,000”
The listing was at $820,000
The sale was at $795,000 after a $25,000 reduction
Then $12,000 in concessions at inspection
Real net sale: $783,000
You remembered the list price, not the sold price. Common mistake.
3. The condition
“Same model as mine”
They renovated the kitchen in 2022 for $65,000
They put a new roof on in 2023
They refinished the hardwoods
You have original everything
Not the same house
4. The lot
“Same block, basically the same”
They had a corner lot
Yours is mid-block
They had a flat yard
Yours slopes
They had a two-car driveway
You have one-car street parking
5. The size
“Same square footage”
They had a finished basement adding 700 sq ft of usable space
Yours is unfinished
Public records show the same above-grade square footage
Buyers do not care about public records; they care about usable space
6. The upgrades you forgot about
They added a mudroom extension
They finished the attic as a bonus room
They installed central air
None of it was in the Zillow listing clearly
All of it added $30,000 to $60,000 to their sale
7. The concessions
Their listing closed at $795,000
But included $12,000 in buyer closing credits
Plus $8,000 in post-inspection repairs
Plus the fridge, washer, dryer, and ride-on mower
Real cash to seller: $775,000 or less
8. The buyer story
They had a specific buyer with a specific reason
Relocation from Brooklyn with a specific school district need
Cash offer with a 30-day close
Waived most contingencies
Paid a premium for the specific buyer story
That buyer is not shopping for your house
9. The off-market sale that was not an open-market comp
Sometimes “they sold” means a private sale
Family member bought it
Or a developer bought it off-market
Not an open-market comp
Not useful for pricing yours
10. The time since you last saw inside
Last time you were in their house was 8 years ago
You do not actually know what the finishes looked like at sale
You are comparing a memory to reality
The memory is wrong
Any one of these alone makes the neighbor’s sale a bad comp. Multiple at once makes it useless.
The specific math on an SI example
Let me run a real example.
Your home: 3-bed, 2-bath, 1,650 sq ft above grade, quarter-acre sloped lot, mid-block, dated kitchen (1998), original bathrooms, 22-year-old roof, unfinished basement, one-car driveway.
Neighbor’s sale: Same model, 1,650 sq ft above grade, quarter-acre flat corner lot, renovated kitchen (2022, $65,000 investment), updated bathrooms, 3-year-old roof, finished basement (700 sq ft usable), two-car driveway, central air added.
Neighbor’s sale price: $820,000 list, $795,000 sold, $775,000 net after concessions.
Adjustments to apply:
Dated kitchen vs renovated: -$40,000
Original bathrooms vs updated: -$20,000
22-year-old roof vs new: -$12,000
Unfinished basement vs 700 sq ft finished: -$35,000
Mid-block sloped vs corner flat lot: -$25,000
One-car driveway vs two-car: -$10,000
No central air vs added: -$8,000
Total adjustments: -$150,000
Starting from the real sale (not the list): $795,000 - $150,000 = $645,000
Your home’s comparable value based on that neighbor’s sale: $645,000.
Not $820,000. Not $800,000. Not even $750,000.
The anchor was $820,000. The reality is $645,000. The anchor was $175,000 off.
Why the anchor is so sticky
Sellers resist the adjustment math for emotional reasons.
“The house down the street sold for X. Mine must be worth X.”
Admitting the adjustment feels like admitting the neighbor’s house was better
Nobody wants to think their house is worse than the neighbor’s
The anchor feels like it protects your sense of your home’s value
That emotion is what overpricing is built on. Every single time.
The adjustment math is not an insult to your home. It is a reality check against a specific comp. The sooner you accept it, the more money you walk away with.
The three types of “neighbor’s sale” to be especially careful of
Type 1: The renovated flip next door
Someone bought a dated version of your home for $650,000
Put $100,000 into it
Flipped it for $820,000
Yours is still at the dated stage
Your comp value: closer to $650,000, not $820,000
Type 2: The two-years-ago comp
Sold in 2024
Market has moved
Not current data
Should not be in your comp set unless you adjust for the full market move
Type 3: The “I heard they got” rumor
Based on a conversation at a block party
Not verified
Often inflated by the seller’s own retelling
Not a comp
Why Realtors sometimes amplify the neighbor anchor
Not all Realtors challenge the anchor. Some use it to win the listing.
Seller says “the neighbor got $820,000”
Weak agent says “yes, we can get that too”
Strong agent says “let me show you what they actually sold for, with the adjustments”
Weak agents win listings. Strong agents win sellers money. The difference is whether the agent challenges your anchor or feeds it.
The right way to use the neighbor’s sale
The neighbor’s sale is useful if treated correctly.
Step 1: Verify the real sold price
Not the list price
Include concessions, credits, included items
Call the agent who sold it if possible for context
Step 2: Document the condition differences
Walk the exterior
Think honestly about the interior differences
Factor in renovations and updates
Step 3: Document the lot differences
Corner vs mid-block
Flat vs sloped
Lot size exactly
Driveway and parking
Step 4: Document the size differences
Above-grade square footage
Finished vs unfinished basement
Finished vs unfinished attic
Additions or extensions
Step 5: Adjust
Up or down for every difference
Apply to the real sale price (not the list)
Build the adjusted comp value
Step 6: Add it to a comp set, not use it alone
One comp is never enough
Three to six adjusted comps give you a range
Your neighbor’s sale is one data point, not the full picture
This is how a real comp analysis uses the neighbor’s sale. Not as the anchor. As one input among many.
When the neighbor’s sale is actually close to your value
Sometimes the neighbor’s sale is a legitimate comp with minimal adjustment.
Same model
Sold in the last 90 days
Comparable condition
Comparable lot
Normal arm’s-length transaction
Verified sold price including concessions
When all five align, the neighbor’s sale is a strong comp. Even then, triangulate with 2 to 5 other comps to confirm.
The emotional conversation sellers need to have with themselves
Before you anchor to the neighbor’s sale, ask yourself:
Am I remembering the list price or the sold price?
Am I accounting for condition differences I actually know about?
Am I accounting for lot differences I can see?
Am I accounting for size differences including finished space?
Am I accounting for timing?
Would an appraiser treat this as a comparable sale with no adjustments?
If any answer is honest no, your anchor is wrong.
What the data actually shows about SI “neighbor’s sale” errors
Sellers who anchor to a neighbor’s sale and ignore adjustments overprice their homes by an average of 10 to 18 percent on Staten Island.
10 percent overprice: 45 to 60 extra days on market before accepting an offer
15 percent overprice: 75 to 100 days
18 percent overprice: 120+ days, likely to carry into Q1 of next year
Which costs real money. Carrying costs. Reduced net at eventual sale. Baggage of a stale listing on the MLS forever.
The right question to ask
Not “how much did the neighbor get?”
Instead: “What is my home actually worth today, given its specific condition, lot, size, and the current market?”
That is a comp analysis question. The neighbor’s sale is one input. Not the answer.
What this means for your pricing decision
If you have been anchoring your price to the neighbor’s sale, pause.
Get a real adjusted comp analysis
See how your home compares, honestly
Accept the real number, not the anchor
The sellers who break the anchor net more money. The ones who hang on to it sit, reduce, and sell for less than they would have if they had just priced right from day one.
What I will not pretend to advise on
I am not an appraiser. For formal appraisals, work with a licensed appraiser. For specific tax implications of your sale, work with your CPA. I can refer trusted ones on both sides of the bridge.
All of our work follows the Fair Housing Act, RESPA, the NAR Code of Ethics, and the real estate commission guidelines for New York and New Jersey.
Before you repeat the neighbor’s number
Ask yourself:
Did I verify the sold price (not the list price)?
Did I account for condition differences?
Did I account for lot differences?
Did I account for size differences?
Did I account for timing?
Did I account for concessions?
If any answer is no, you do not actually know what the neighbor got relative to your home.
Your neighbor’s sale price is not your sale price. It is one data point. Treated correctly, it is useful. Treated as an anchor, it costs you.
Have questions about selling your home or relocating? Reach out to Allison today.
Call: 646.266.0188
Email: [email protected]
Website: www.statenislandtonewjersey.com
Contact Allison today to sell your home in SI.
