{"id":1158,"date":"2016-03-06T10:10:02","date_gmt":"2016-03-06T18:10:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1158"},"modified":"2016-03-04T20:55:33","modified_gmt":"2016-03-05T04:55:33","slug":"things-you-can-learn-from-your-neighbors-home-sale","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/03\/things-you-can-learn-from-your-neighbors-home-sale\/","title":{"rendered":"Things You Can Learn From Your Neighbor\u2019s Home Sale"},"content":{"rendered":"<p style=\"text-align: justify;\">There\u2019s a lot to be learned from your neighbor\u2019s home sale. Let\u2019s say you live in Texas \u2014 if the home down the street is comparable to yours in some basic ways (square footage, for example), it could give you a great sense of what Dallas home prices are really like in your neighborhood. But if the neighbors have put in some strategic upgrades \u2014 or even struggled to sell! \u2014 there are lessons to be learned there as well.<\/p>\n<p style=\"text-align: justify;\"><strong>1. Be a nosy neighbor at open houses<\/strong><br \/>\nIf you\u2019re friendly with your neighbors, you might be able to get the inside scoop by asking what kind of reactions they\u2019ve been getting to their home. Or better yet, ask if you can attend their open house. Take note of the feedback you hear. For example, if you have the same outdated built-in kitchen desk as your neighbor (used for writing checks and holding a corded landline), you might want to start putting away your pennies now so that you can transform this feature into more coveted counter space with storage underneath (maybe even a wine fridge?). Or your neighbor might tell you that buyers are disappointed when they discover the enormous 1980s whirlpool tub taking up prime bathroom real estate. As long as you have a bathtub somewhere in the home, consider turning your own seldom-used supertub into a walk-in shower.<\/p>\n<p style=\"text-align: justify;\">Another example : It probably comes as no surprise that everyone oohed and aahed over your neighbor\u2019s outdoor living space. If you\u2019re neglecting your deck or concrete pad, start thinking outdoor living room. Even doing little things, such as setting a lantern on a table beside a seating area or putting up a wall of potted plants to create an enclosure, can charm potential buyers.<\/p>\n<p style=\"text-align: justify;\"><strong>2. How long should a home be on the market?<\/strong><br \/>\nIn a hot real estate market, a home could sell in a matter of days. In a more stagnant market, it could take as long as six months for a home to sell. It\u2019s beneficial to know how long it takes for your neighbor\u2019s house to sell, especially if their house is similar to yours. Al Cannistra, a Texas real estate agent, suggests you keep tabs on the following when looking at neighborhood comps :<\/p>\n<p style=\"text-align: justify;\">Whether the house sold quickly or lingered.<br \/>\nThe final sale price.<br \/>\nWhether the asking price was close to the selling price.<br \/>\nWhether there was a need to come way down on price after a long time on the market.<br \/>\nWhether urgency by the sellers led to a lower price (career move or financial distress).<br \/>\nHow your neighbor\u2019s home sale, regarding price and length of time on the market, compared with other nearby homes.<br \/>\nWhat sort of impression the real estate agent made.<\/p>\n<p style=\"text-align: justify;\">One big takeaway from this list is to track the home until the deal is done instead of looking at the listing price and calling it a day. The more important number (by far) is what the house actually sold for, not its listing price. Anyone can set a home price; the key is getting that price. \u201cThat sold price cannot be considered a valid comp until after it closes,\u201d says Bill Golden, an Atlanta, GA, real estate agent. \u201cThe closing info should be verified by either a professional [real estate agent] or by public record. Homeowners can sometimes inflate the value when boasting to their neighbors.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>3. How to time the real estate market<\/strong><br \/>\nIf your neighbor priced competitively and the house sold in a flash (within a couple of weeks after putting it on the market), it might be your time to sell too. But if you\u2019re on the fence about selling, and it\u2019s looking like a buyer\u2019s market based on a lack of interest in your neighbor\u2019s home and lots of competition, you might want to stay put awhile. \u201cYour neighbor\u2019s home can tell you a lot about how yours will sell,\u201d says Daniel Blatman, a New York, NY\u2013based broker with Douglas Elliman. \u201cIt can inform you about \u2026 perceived value, how active the market is, and how quickly your home might sell.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>4. Demographic trends can affect home sales<\/strong><br \/>\nNeighborhoods sometimes take on a type of persona: young families, retirees, singles, etc. If you really want to dig in, check out some detailed demographic data through Trulia. For example, Trulia\u2019s San Francisco, CA, real estate market overview reveals everything from the average commute time and type (5% commute by foot!) to which schools are best and where crime is a factor.<\/p>\n<p style=\"text-align: justify;\">Once you understand the appeal of your neighborhood, you can target certain groups when you\u2019re ready to sell. \u201cLearning how the seller\u2019s agent positioned the home is very important,\u201d says Blatman. \u201cIt should be targeted toward a specific buyer.\u201d<\/p>\n<p style=\"text-align: justify;\">Once you get the 411 on your neighbor\u2019s digs, you should have a pretty good idea of what you should and shouldn\u2019t do when you\u2019re ready to sell your house.<\/p>\n<p><a href=\"http:\/\/www.msn.com\/en-us\/money\/realestate\/4-things-you-can-learn-from-your-neighbor%e2%80%99s-home-sale\/ar-BBqfa3k\" target=\"_blank\">Things You Can Learn From Your Neighbor\u2019s Home Sale<\/a> by Laura Agadoni | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s a lot to be learned from your neighbor\u2019s home sale. Let\u2019s say you live in Texas \u2014 if the home down the street is comparable to yours in some &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/things-you-can-learn-from-your-neighbors-home-sale\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1158","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Things You Can Learn From Your Neighbor\u2019s Home Sale &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/things-you-can-learn-from-your-neighbors-home-sale\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Things You Can Learn From Your Neighbor\u2019s Home Sale &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"There\u2019s a lot to be learned from your neighbor\u2019s home sale. 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