Is your neighbor getting ready to list a home for sale? While you may be sad (or glad) to see the neighbor go, this is an excellent time to pay attention to what is happening in the market. Whether you are considering your own home sale or are just watching to see what the market is doing, here are some key lessons you can learn from your neighbor’s sale that will help you with your own real estate goals.
1. Listing Price Guidelines
If your neighbor is successful in selling a home, you can get a clear indicator of what homes like yours in your exact neighborhood are selling for. Keep in mind that your neighbor’s home’s features and condition may be different then yours, but if you look at the list price and final selling price, you will get a clear indicator of where you should set your listing price.
2. Market Conditions
Did your neighbor sell quickly? Was the price close to the asking price? Did the home have many interested people visiting it, or did your neighbor struggle to get people to look at the property? The answers to these questions will help you understand what the market potential is.
3. Staging Tips
Is your neighbor hosing an open house? Feel free to drop by! Yes, you’re not going to buy the house next door, but taking a tour of your neighbor’s open house can help you see what you need to do to properly stage yours. Tour the home like a perspective buyer, and determine what would make it more or less appealing. Then replicate those ideas in your own home when you are ready to sell.
4. How Long the Home will Stay on Market
Finally, watching your neighbor’s home sale will give you a good idea of how long you can expect your own home to stay on market when you list. If the home is priced competitively, then you can expect your home to sell in a similar time frame as your neighborhood’s home. If you have a timetable that you need to move up, then consider changing your pricing or marketing strategy to match.
When you’re thinking about listing a home for sale, watching the local markets is helpful. Your neighbor’s house is just about as local as it can get, so watch their sale with interest, using the information you gather to make decisions about your own home’s sale.