So you just put your home on the market but what happens if your neighbor lists their home for sale at the same time? There can be some concerns when your home is in competition. There are a few things you can do to help your home sell, even while there is another competing nearby.
Do not wait for your neighbor’s home to sell before putting yours on the market. Competition is healthy and can generate positive interest and more viewings for each homeowner. If there are multiple homes recently sold or for sale nearby, it can spark interest around the area and buyers will book more than one property to view.
Research your competition. Find out everything you can about the other property so you can compare it to your own. Look at all photographs and put yourself in the shoes of a potential buyer. How does your house compare?
Communication is Key
Talk to the seller. If you are not familiar with your neighbor, go and talk to them. There is opportunity for some joint marketing to create interest in both of the homes. Be open and honest with your neighbor on the reasons you’re moving, by when you hope to sell and your price point.
Use the same agent. The buyers looking at both properties are most likely going to be similar. If you use the same agent, they will most likely book both properties to view. People looking at both homes can offer valuable feedback on why one home could be better than the other, giving you a chance to improve yours.
Above all, don’t get into a bidding war with your neighbor. When your neighbor lists their home for sale simultaneously as you, dropping your asking price won’t be beneficial to either property. Making an agreement with your neighbor to not drop the asking price without consulting the other allows for more transparency. If your neighbor sells before you do, don’t take it personally. It could be one tiny detail that persuaded the buyer that property was right for them.
Union Home Mortgage can be a great resource for any buying and selling needs. If you have any questions, please do not hesitate to contact a member of the Housing Buzz team.