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That was a concern for me when I was looking at houses it could be white flight and a minority moved in which would not bother me is eminent domain where the something that they feel they need such as a new roadway or municipal building
We have the same situation in our neighborhood. Dead end street of about 18 houses, 7 were for sale/sold in the last year. 2 of those homes had been vacant for 5+ years and the rest were occupied. I am thinking that the current housing bubble is a great influence. I too have considered selling, raking in the cash (my home value has increased by 60% after owning for only 6 years) and buying something bigger. The equity would enable me to buy bigger after dropping a nice down payment thus an affordable decent mortgage on larger/nicer home. There are no other factors like developments/traffic/etc that have influenced our area. As a previous poster mentioned, ask around. There is ALWAYS someone on the block who loves to talk and knows EVERYONE'S business
A number of homes have sold in our community the last year or so. Most were waiting for the market to go up.
I agree that there is always someone on the block who is happy to pass on information to whoever drives up and asks. That person may not always have the straight scoop, but it what could it hurt?
I would do several Google searches about that street and then about the neighborhood, to see if you can pick up some forum discussions or news articles about anything going on in the area. Which you should do, anyway.
Six houses for sale on the same street seems suspicious. I live in one of the hottest real estate markets in the country right now (Dallas), and in one of the top hot areas there. There have been a number of houses for sale over the past year, but I've never seen as many as six on the same street for sale. But it could happen.
The reason my area is hot is because:
1. Prices have appreciated for real estate, so people are selling while they can get a good price after the bad real estate market the last few years;
2. A lot of new jobs are coming to the city, with not enough places for those new people to live. That is affecting the real estate market throughout the city, even my area, which is nowhere close to those new job areas.
3. My area is in a prime location. Earth is not making any new land. If you want to live in a prime area, you have to go to the older neighborhoods.
4. My area is a charming older neighborhood with mature trees, no HOAs, and older homes that can be remodeled or lived in as is. Many find the older homes more liveable and homey than the new cold huge houses on tiny lots, where all the homes look the same.
5. We are next to a rich area, so there are rich people taking over our neighborhood, since there's no room for expansion in the rich area.
6. There are probably more older people in our neighborhood than in new areas, so there would be more homes on the market, since they are moving for retirement, or have passed away. They also are forced to sell if property taxes get too high. (I'm moving because I've retired.)
You know, I would not be offended if someone knocked on my door and asked questions about the neighborhood. You could try that. Not at a home that's for sale, though.
Consider the neighborhood: Is it in a prime location with no nearby new residential construction, so that people are forced to buy existing homes? Is it a great neighborhood, with nice trees, large yards, etc.? Do people aspire to live in that area? Is there a lot of convenient shopping nearby, toll roads and highways for commuting to work downtown or other high-work areas? Are the homes custom homes? All these things would attract buyers.
Also consider: The interest rate will be going up soon. People are trying to buy and sell before the rate goes up.
Does the neighborhood have a crime watch group? If so, it may have a Facebook or other website page for you to look at.
It is an indication that there is a very slow real estate market, and they just are not selling, and more are being put up for sale faster than the old ones on the market can be sold.,
It is an indication, in many areas that the recent housing bubble that burst, homes were held off the market till it fairly well recovered and they would not take a terrible loss if they sell, and homes that would have been on the market in little numbers at a time are now all being put on the market at one time.
It is an indication, that a major employer shut down, and people want to sell and move to another area of the country for jobs.
Those are the 3 top reasons for so many homes being sold on a street.
WhIle it's an interesting question, the original question is from 8 years ago. Statistics say the OP would have already sold the house in question if they bought it!
I actually had a remark on an appraisal today that said "current homes in the area are listed at a price that cannot be supported." There were 6 homes in the neighborhood on the market, 4 on the same street. My transaction is a refi. I took the appraiser's comment as, "not sure what the sellers are smoking here, but they are delusional about the value of their homes."
Fortunately, I do not need the delusional value....but I have never seen comments like that previously.
The key is getting the first piece of real estate for the right price otherwise you can build poverty through real estate.
Quote:
Originally Posted by ShenandoahValley
Luckyduck,
Hopefully, to protect yourself, you have hired a buyers agent, (real estate specialist) who will be looking out for your best interest in this huge lifetime investment.
If you have one, ask that person what is going on. If they say they don't know, ask them to find out.
Generally, agents know exactly what is going on, and usually employment, marital status, schools, retirement or development top the list of reasons clients move.
One neighbor where I lived, sold their home after owning it for one and a half years and made close to 100K in profit. That year on my street alone, in a subdivision with about 300 homes, over a fourth turned hands. By year four, more than half in the neighborhood had new owners. It was market driven. People were selling and moving down the street to get a bigger house for their growing families. This is how people create wealth through real estate.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I remember a year ago being in Vancouver, B.C. and noticing 5 homes in a row all with for sale signs and "sold" on them. It struck me as so odd that I called to get more information just to satisfy my own curiosity. These were old but very nice homes on large lots, in the 1-2 million range. Turns out that a Chinese buyer wanted several homes next to each other, and hired the realtor to make offers to the owners. When the deals closed he popped up the signs with "sold" on them to attract new clients. When looking for a new home for myself, even two on a short block would be enough of a red flag that I would do extensive research before considering an offer. In this case, with 6, I would probably not even look into it, but would just move on unless there was a real shortage of others to consider.
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