The scenario that you suggested could very well be the case. Without the actual address it is difficult for me to give you a definite answer. The very best thing that you can do is have a licensed Realtor come to you and go over the comps in your area and in your neighborhood. You should be able to see what the property originally listed for, any price reductions and days on market. Of course, you will also see what the house sold for as well as any concessions. The concessions aspect is often the missing information that some sites, like Trulia, can overlook. Feel free to contact me if you would like to know your home's value!
Emily Landis Torres
Realtor, PA Licensed since 1993
1110 N. Broad Street
Lansdale, PA 19446
Phone: 215-362-3100 ext 1793
If you need comps for your home, ask your Realtor or shoot me an email. I would be happy to provide what I feel an appraiser would be looking at.
Best of luck to you!
Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Philadelphia | the Main Line | Bucks County | South Jersey
Licensed in NJ and PA
Most Prestigious Real Estate Company, Luxury Institute, 2008