According to the principle of progression, when is a three-bedroom, one-story home likely to achieve the highest sales price?

The principle of progression states that the value of a property tends to increase when it is located among higher-valued properties. This means that a three-bedroom, one-story home is likely to achieve the highest sales price when it is situated in a neighborhood where most homes are larger or more valuable. The presence of larger homes nearby can enhance the perceived value of the smaller home, as buyers often compare properties within the same area. This can lead to increased demand and potentially higher offers, as the neighborhood's overall quality and appeal positively influence the property’s market value.

While a recent remodel can add value to a home, having a greater number of larger homes in the area will likely have a more significant impact on maximizing the selling price due to the principle of progression. Pricing below market value might attract buyers quickly, but it often does not yield the highest sales price possible. Being the only home for sale could create urgency among buyers, but that does not guarantee the highest selling price compared to being located in a more luxurious neighborhood. Therefore, the home's valuation is more positively influenced by the surrounding property's characteristics, aligning with the principle of progression.