Three Things to Remember When Your Neighbors Sell Their Homes
Studying home sales in your neighborhood can come in handy when you decide to sell your home. There’s a lot to learn when your neighbors sell their homes. For instance, if the homes are similar to yours in aspects such as square footage, you could get an idea about average home prices in the neighborhood. Likewise, if your neighbors made strategic upgrades or struggled to find buyers, there are valuable lessons to learn as well.
Be the Nosy Neighbor at Open House Events
If you are friends with neighbors who are selling, it will be easier to get insider information about the feedback that they might have been receiving since they put their homes on the market. Better still, you can ask whether you can ask for an invite to their open house. During the occasion, take note of the comments you hear. For instance, if you also have an outdated kitchen countertop as your neighbor, you might as well start setting aside money for installing a replacement.
How Long Should Homes Be on the Market?
In today’s real estate market, homes can be sold in a matter of days. In a stagnant market, it can take up to six months to sell a home. Therefore, it’s essential to learn how long it takes before your neighbor’s house is sold, especially if it’s similar to yours. You should keep tabs on these aspects when looking at neighborhood homes that are on the market.
- Whether the home lingered in the market or sold quickly
- The final sale price
- The closeness of the sale price to the asking price
- Whether the urgency of sellers led to a lower closing price
- How the home sale compared to other deals in the neighborhood (in terms of the time that it stayed on the market and the final price)
- The impression that the real estate broker made
One significant takeaway is to track the home’s sales process until the deal is closed rather than merely looking at the final sale price. By far, the most significant number is what the house sold for, rather than its listing price.
Demographic Trends Affect Home Sales
Often, neighborhoods take on some persona: retirees, young families, singles, etc. after understanding the appeal of your community, it will be easier to target specific groups once you decide to sell. After getting all the 411 on your block’s digs, you should have a clear understanding of what to do and what to avoid when selling your home.
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