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Are there any strategies for dealing with this situation, or would you just list the house in the same way you ordinarily would?
If you have the option of renting the house out for a year while you wait for the other house to sell (or be taken off the market) would you take that option?
If the second house also doesn't sell quickly, does it hurt a neighborhood to have multiple for sale signs out for months at a time?
Need more info - how does your home compare? What would be the price difference? what does your home have that the other doesn't?
The neighbor's home for sale could actually work in your favor, unless both homes are identical and you want to list higher than the neighbor. Most will tell you if a home is not selling, it's likely priced too high. The other 1% would be because of a divorce/disagreement scenario making showings difficult.
Are there any strategies for dealing with this situation, or would you just list the house in the same way you ordinarily would?
If you have the option of renting the house out for a year while you wait for the other house to sell (or be taken off the market) would you take that option?
If the second house also doesn't sell quickly, does it hurt a neighborhood to have multiple for sale signs out for months at a time?
There was a house across the street from us for sale for weeks and weeks with all kinds of open houses, etc. that did not sell. It was not overpriced. Talked to the realtor once--she was a total idiot.
We put ours up for sale, at a higher price then some realtors said we should and it sold in a week.
We had a fabulous realtor. He was an old friend, a hometown guy, nicest person in the world, not a phony bone in his body, and very well-respected as a professional in the area. We followed his directions to a tee, had one or two showings a day and then it sold the next weekend.
I know that our realtor's reputation and relationships with other realtors was at least 80% of the reason it sold so fast (at asking price). Get a realtor who is experienced and also a good human being, not a flashy salesperson who drives a luxury vehicle to impress people. I think it really matters.
I wouldn't recommend anyone to try to wait a neighbor out. There will never be a "perfect" time where you beat all the possible negatives.
My guess is the home is overpriced - thats usually the problem.
Price your home properly so you wont have this problem.
There was a house across the street from us for sale for weeks and weeks with all kinds of open houses, etc. that did not sell. It was not overpriced. Talked to the realtor once--she was a total idiot.
We put ours up for sale, at a higher price then some realtors said we should and it sold in a week.
We had a fabulous realtor. He was an old friend, a hometown guy, nicest person in the world, not a phony bone in his body, and very well-respected as a professional in the area. We followed his directions to a tee, had one or two showings a day and then it sold the next weekend.
I know that our realtor's reputation and relationships with other realtors was at least 80% of the reason it sold so fast (at asking price). Get a realtor who is experienced and also a good human being, not a flashy salesperson who drives a luxury vehicle to impress people. I think it really matters.
Thanks for sharing this. It's funny how some houses don't sell, even when they don't seem to be over priced. Glad to hear how it worked out for you.
Need more info - how does your home compare? What would be the price difference? what does your home have that the other doesn't?
I was thinking of this as a general topic, a chance for people to share their experiences with a variety of scenarios. So all situations would be interesting to discuss.
But if it helps get the topic rolling, here's my situation. I don't really need advice because we won't be selling our house until next spring (and surely the first house will have sold by then). But it did make me wonder if realtors have specific strategies for handling situations like this, and how situations like this have worked out for other people.
In our situation:
-- All the homes in the neighborhood were built by the same builder in the same year. They all have more or less the same McMansion-y look.
-- Neighbor's house is about 3000 sf, ours is 4000. Biggest reason is the basement. Theirs is unfinished. Ours has a playroom, an office, a bedroom, and a movie theater.
-- Although we are next door, our plots are very different. Neighbor's house is on 1/5 acre, and basically has no back yard. Our house is on almost 1/4 acre, has a fairly large back yard, and backs to community owned woods. We also have picture windows with a nice view of the woods from several rooms in the house. They have a nice tree view from their deck, but while nice it's not quite the same.
-- Neighbor's house being sold as part of a divorce. Couple left quickly, without doing too much to fix up the house, although some basic things like repainting the walls gray have been done. Old carpet (and, to be honest, a little dirty. I would have replaced it). Laminate counter tops. Some scuffs where furniture was moved. But in general, although a little dated, the house is in good shape (to me). Yard is mowed, but no fresh flowers planted or anything like that.
--Compared with comps, the neighbor's house seems to be slightly under priced. I thought for sure that meant it would sell right away. I have no idea why that house isn't selling when others in the neighborhood have sold fairly quickly.
I think one factor is the realtor is not from our area and hasn't spent much time at the house (that I know of). My guess from reading their listing is the realtor doesn't know much about this neighborhood or what makes it special. In fact the listing looks like it was thrown together quickly without much thought, and photos are pretty bad, too.
But is an unappealing listing enough to explain why a house isn't selling? I don't know. Does it really help to have a realtor who lives in or who knows your neighborhood? Again, I don't know.
Quote:
Originally Posted by SmartMoney
Most will tell you if a home is not selling, it's likely priced too high. The other 1% would be because of a divorce/disagreement scenario making showings difficult.
Interesting comment. The neighbor's house is being sold because of a divorce. Would a divorce affect a sale, and if so why? They seemed like civil people, so it's hard to imagine they'd have a "War of the Roses" situation. Are there other ways a divorce can keep a house from selling? Do buyers worry that something in the house might have caused the divorce?
Quote:
Originally Posted by SmartMoney
The neighbor's home for sale could actually work in your favor, unless both homes are identical and you want to list higher than the neighbor.
Another interesting comment. How would it work in your favor? I guess the neighbor's house might draw some buyers, who would then see your house was for sale too. Or were you thinking of other ways?
Last edited by Piney Creek; 09-27-2017 at 12:03 PM..
Another interesting comment. How would it work in your favor? I guess the neighbor's house might draw some buyers, who would then see your house was for sale too. Or were you thinking of other ways?
If you list below the price of your neighbor's house, your house will look like a comparatively better deal.
Similar effect if your neighbor's house is a dump and yours is nice, or if your property is bigger/better.
I was thinking of this as a general topic, a chance for people to share their experiences with a variety of scenarios. So all situations would be interesting to discuss.
But if it helps get the topic rolling, here's my situation. I don't really need advice because we won't be selling our house until next spring (and surely the first house will have sold by then). But it did make me wonder if realtors have specific strategies for handling situations like this, and how situations like this have worked out for other people.
In our situation:
-- All the homes in the neighborhood were built by the same builder in the same year. They all have more or less the same McMansion-y look.
-- Neighbor's house is about 3000 sf, ours is 4000. Biggest reason is the basement. Theirs is unfinished. Ours has a playroom, an office, a bedroom, and a movie theater.
-- Although we are next door, our plots are very different. Neighbor's house is on 1/5 acre, and basically has no back yard. Our house is on almost 1/4 acre, has a fairly large back yard, and backs to community owned woods. We also have picture windows with a nice view of the woods from several rooms in the house. They have a nice tree view from their deck, but while nice it's not quite the same.
-- Neighbor's house being sold as part of a divorce. Couple left quickly, without doing too much to fix up the house, although some basic things like repainting the walls gray have been done. Old carpet (and, to be honest, a little dirty. I would have replaced it). Laminate counter tops. Some scuffs where furniture was moved. But in general, although a little dated, the house is in good shape (to me). Yard is mowed, but no fresh flowers planted or anything like that.
--Compared with comps, the neighbor's house seems to be slightly under priced. I thought for sure that meant it would sell right away. I have no idea why that house isn't selling when others in the neighborhood have sold fairly quickly.
I think one factor is the realtor is not from our area and hasn't spent much time at the house (that I know of). My guess from reading their listing is the realtor doesn't know much about this neighborhood or what makes it special. In fact the listing looks like it was thrown together quickly without much thought, and photos are pretty bad, too.
But is an unappealing listing enough to explain why a house isn't selling? I don't know. Does it really help to have a realtor who lives in or who knows your neighborhood? Again, I don't know.
Interesting comment. The neighbor's house is being sold because of a divorce. Would a divorce affect a sale, and if so why? They seemed like civil people, so it's hard to imagine they'd have a "War of the Roses" situation. Are there other ways a divorce can keep a house from selling? Do buyers worry that something in the house might have caused the divorce?
Another interesting comment. How would it work in your favor? I guess the neighbor's house might draw some buyers, who would then see your house was for sale too. Or were you thinking of other ways?
Willing to bet it's the backyard. There are some threads on dealbreakers--but I'm willing to bet for 1/4 acre range McMansion, these are going to be young families moving in and they want a nice, relatively flat backyard for the kids. I would definitely pay up for that. I can always finish the basement later, but I can't magically create a backyard if there's no land there.
I'm not an agent, but I don't think anything special needs to be done in that situation. A house sitting on the market when others are selling, probably has something to do with that property and not the one adjacent. In my neighborhood most homes sell quickly, but a few sit. Usually priced too high given their location, configuration, or unique problem. Examples: tore out all their grass, backs to busy road, lot without a backyard, house smells, etc.
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