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Since the housing bubble in an up or down cycle several neighborhoods have gone through periods with there are multiple listings with in eye sight of each other. One block had a cluster of 3 with 2 on one side and 1 on the other. Never saw until after the boom. Post boom years. The town is notorious for high property taxes with getting yet an additional increase after a reassessment.
Now as the lock down is coming to an end in many areas same thing. Even if it's a back log of sales/people waiting to sell to get out it's unusual here to have so many leave/sell in the same year let alone round the same time.
Multiple listings with in sight of each other a good or bad thing? I guess no different than competing on line.
Last edited by anononcty; 05-26-2020 at 06:37 PM..
The reason will be different for different neighborhoods. It's not just a good or bad thing. For example, in our first house, a neighborhood of about 300 or so new houses, there were often multiple listings on the same block and more in the neighborhood. The reason had nothing to do with the neighborhood or the houses. It was simply a matter of timing and the age of the homeowners. Most of us were first time homeowners starting families. After about 5/6 years many of us were ready to move to a bigger house as two or three kids had come along in many houses.
Perhaps in this neighborhood many are of a similar age (retirement, empty nesters, etc.) so they're moving on at the same time. Maybe during lock downs people reevaluated what was important to them. Th house isn't . Maybe they all lost their jobs and need to sell.
Much of the time this is merely a coincidence or because neighbors are at a similar life stage.
in the "old days" before information became so available (like crime stats, school stats, etc) then sure, there was a "what's wrong with this neighborhood?"
In addition to information flow, for ~ 6 years we've had demand > supply and so Buyers don't really care. It certainly should make prices more homogenous for the neighborhood. If home A 10 doors down is (likely) very similar to Home B - beds, baths, square footage - then there's not likely to be a large difference in sales price
in the "old days" before information became so available (like crime stats, school stats, etc) then sure, there was a "what's wrong with this neighborhood?"
In addition to information flow, for ~ 6 years we've had demand > supply and so Buyers don't really care. It certainly should make prices more homogenous for the neighborhood. If home A 10 doors down is (likely) very similar to Home B - beds, baths, square footage - then there's not likely to be a large difference in sales price
They have similar square feet, construction etc. But it is an older neighborhood so many haven't done a renovation in decades, some have added decks, additional rooms, finished basements, another bathroom etc.
The biggest piece of new information for the town and neighborhood is a property reassessment. It appears our neighborhood is going to be on the those experiencing an increase in order to decrease others. Also being an easy drive to a big city is helping and not helping at the same time ie crime has already come to many neighborhoods.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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As a buyer I would definitely do a lot more research into possible reasons. While it could just be that several empty nesters decided to downsize at about the same time (we had that happen here a year ago) it could also be a change in zoning, declining quality of local school, obnoxious neighbor, increased crime, or many other reasons that are considered negative to buyers.
I am on a street of 12 homes.
I predict that 5 will turn over in a burst in a few years. Maybe at the same time.
It doesn't reflect on the neighborhood whatsoever. Sometimes folks' lives change in waves, coincidentally.
I never give it much thought when I see multiple listings in close proximity, at least, never as a red flag.
If you are selling in a group of Active sales listings, be sure your value and condition are competitive.
It's a two-edged sword. It can be a good thing, because any potential buyer of any one of the homes -- will also likely want to compare it with the others. By the same token, homes that are comparatively over-priced or lacking amenities, will likely face harsher judgment.
This situation is quite common in Condos where there are often several condos with the identical floor plan and external amenities - on the market at any one time.
There's a few houses for sale on my little block too. It's because we all bought at around the same time, our kids grew up together and are now out of the house and everybody selling is looking to downsize before the kids come back. Lol
I"m sure there are other reasons why houses within site of each are for sale and it may not be a good reason, so do your homework before you buy.
I am on a street of 12 homes.
I predict that 5 will turn over in a burst in a few years. Maybe at the same time.
It doesn't reflect on the neighborhood whatsoever. Sometimes folks' lives change in waves, coincidentally.
I never give it much thought when I see multiple listings in close proximity, at least, never as a red flag.
If you are selling in a group of Active sales listings, be sure your value and condition are competitive.
Yep. It may be that people bought at around the same time and are all moving on to a new phase of life at the same time. Growing up, people on my block seemed to have kids the same age. With smaller starter homes, people move to larger homes.
I do get concerned when I see several condos going in the same community (especially if it is not big) at once. It makes me think the HOA is poorly managed. There are a couple by me that always seem to have 5-6 for sale and we do not have any huge communities here.
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