What You Can Learn from Your Neighbor’s Home Sale

Your neighbor’s home sale can tell you a lot about your future sale.

If you are considering selling, then your neighbor’s home sale might be the perfect educational resource for you.  Unleash your inner nosy neighbor and see what you can learn from their selling experience.

The Climate of the Market

Finding out the difference between your neighbor’s list price and their final selling price will tell you the condition of the housing market in your neighborhood.  If your neighbor got 90% of their asking price, or if they experienced multiple competitive offers for their home, then chances are that the market is ripe for selling.

What to List For

Real estate agents often look for the selling price of properties that are comparable to your home before suggesting a list price.  Your home’s value is based on what a buyer is willing to pay for, so your neighbor’s final selling price is more important than their original asking price.  Looking at your neighbor’s final selling price will help you list your own home.

What Buyers are Looking For

Certain neighborhoods tend to appeal to specific types of buyers.  Look at your neighbor’s buyers to help determine if your block is attracting older buyers, young families, young single professionals, and so on.  From there, you can determine what buyers are looking for in your area.  If your neighbor’s home was purchased by a young family, perhaps you should focus on your spacious back yard or the safety of your neighborhood as a selling point.

How Long It’ll Take

Watch to see how long your neighbor’s house stays on the market.  If the market is hot, your neighbor’s home could sell in a matter of days.  If the market is in a slump, that time frame could extend to weeks or even months.  This information can help you decide if it’s a good time to sell your home.

Your neighbor’s home sale can be a wealth of information, and can help you decide if it’s time to sell your own home.  If you decide to begin the selling process, make sure that you have the right real estate professionals on your side.  Contact the friendly team at Brighton Escrow in Hermosa Beach, California to ensure you have the dedicated, top-tier escrow service you need.