Has your neighbor recently listed their home? After you spot that for sale sign, this is an opportunity to find out more information about your neighborhood, your competition, and even your own house. Here are a few things I recommend you check out, especially if you plan on listing your home in the near future.
- Who is listing the house?
Is it someone who specializes in your neighborhood, for instance? It might not be a bad idea to have a conversation with your neighbor’s real estate agent. See how well they know the area and if they have any recommendations.
- How similar is their home to yours?
If you’ve never been inside your neighbor’s house, go to the open house or ask if you can schedule an appointment. Another option is to view the listing photos online. If you do attend the open house, while you’re there, consider features such as square footage, floor plan, number of rooms and bathrooms, and how updated their home is compared to yours. Taking a look around can tell you whether your home is comparable to theirs, so you know whether you can use their final sale price as an indicator for what your home might be worth.
- What does your home look like from a neighbor’s point of view?
Before you go into your neighbor’s house, stand on the walk and look over at your house. Try to view it as a prospective buyer or a neighbor would. Take a look at your house from the neighbor’s windows and backyard, too. What would you think about your house if you were a homebuyer visiting your neighbor’s home?
- How does the sale go?
Continue tracking the listing, and note important details such as how long it takes to sell and what the final sale price is. If it sells within days, for instance, now might be an excellent time to list your home, too. If it takes weeks or months to sell, on the other hand, it might benefit you to wait out the slow market and list once home sales in your area pick up more.
- Is this an opportunity to work together?
If you were about to list your own home, consider whether your neighbor’s listing is an opportunity to work together. Rather than viewing your neighbor as competition, for instance, consider the ways in which your homes are different. You and your neighbor could use the same agent or encourage your agents to work together. Not all homes for sale are the same, and your two homes may have important differences that set them apart and make one or the other more appealing to specific buyers.
Whether you’re thinking of selling soon or just biding your time, your neighbor’s home sale can provide a wealth of information to help with your decision. If you’re interested to learn about selling in your neighborhood, contact me today, and I will talk to you about what you can expect when listing your home for sale.