The value of your home really begins with the motivation of the person who is interested in making an offer. But, after the motivation reaches it's peak, the mortgage lender is going to add a measure of caution to the equation...an appraisal. The appraisal of today is radically different than the appraisal of 2005. Gone are the days of "making it work". The mortgage underwriting system demands real good comparable sales in the real recent history--as recent as within the past few months--not years.
The price your neighbor is asking has next to nothing to do with the eventual sale price of your home. Appraisals will not include the asking prices of homes for sale, however the consumer will have the neighbors house to consider as an alternative. A higher price next door could make your house look better in the buyers eye--same works for your house.
If your home is a typical home for the neighborhood and the typical homes in your neighborhood are selling between $350,000 and $365,000 but you want $410,000, you probably will be dissapointed. Go into the process well informed and adjust your expectations to the reality for your market area.
To see what some houses in your area have sold for recently, enter your address in the space provided: