Home Buying in Swedesboro>Question Details

William, Home Buyer in West Chester, PA

Is it a bad move to buy a house ona street that 3 out of the 10 homes on the street are currently for sale? i

Asked by William, West Chester, PA Thu Feb 5, 2009

have called the city and asked my realtor why and they both said it was only a coincidence. would the fact that there are 3 right by each other bring down the value of each?

Help the community by answering this question:

Answers

13
BEST ANSWER
I think you need to look at a bigger picture. Like the number of homes for sale in a development or a community would be a better indicator of some deeper problem. Homes normally sell in cycles. A street with 10 New Homes = new family but, then the owners grow older and children reach an age that requires them to move to a different area. New owners new children new cycle.

Of course, it could be a crime was committed on that street or a nearby factory that provides jobs closed. There is a lot more to your question than can be given an answer. It is my opinion that 10% of homes in a community are "normally" up for sale but, these are not "normal" times. I would ask the agent showning you the homes. It could be there is only one that is in the price range you are willing or capable of investing. The other two are priced either at market value or above - one person wants to sell, another has got to sell, and another person may sell if the price is right.

What made you look on that street?
Web Reference: http://GregoryBain.com
0 votes Thank Flag Link Fri Feb 6, 2009
No it allows the seller compete for your business.

I live in small area of Dallas Fort Worth April - July many homes go on market due to children graduating from High School families want down size. At times appears entire city is for sale. GREAT QUESTION

If you have any question review media about city, schools, police website for crime
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Fri Feb 6, 2009
If you are buying in a builder's subdivision, yes, those 3 sales definitely conflict the pricing issue, especially if they are production homes. If they each have special features or amenities, then they may complement each other. Make sure you visit each of the homes and compare for yourself the features & liabilities, then work with your agent to determine which best suits you. If you are paying cash, still consider an appraisal on your top choice. You may spend a few hundred dollars to learn you would have offered a few thousand more than needed.
1 vote Thank Flag Link Thu Feb 5, 2009
This question is still very current even though posted in 2009. In a slow real estate market it is not unusual for multiple homes to be for sale on a given street. Life events and circumstances change making it necessary for families to move. If home sales are sluggish the natural turn over takes longer. It is a reflection of the times that homes are taking longer to sell than previously. It used to be if this occurred people would question,"What's going on here in this neighborhood that all of these homes are for sale?" As the economy turns this inventory of homes will deplete naturally.
The fact that there are three in a row puts you as the buyer in a plum position. All of these sellers are painfully aware of this and will be much more inclined to work with you because of it.
Call me if I can help you!

Joanne Bernardini
Sales Associate
Certified Short Sale Agent
Coldwell Banker- Casa Bella Realtors
601 New RD.
Linwood, NJ 08221
Cell- 609-947-2451
0 votes Thank Flag Link Mon Jul 16, 2012
Hi William, since your thread has come back to the top of the pile with this last response, I'm curious what you decided to do. I would reiterate, I would not hesitate just pick the best one and negotiate yourself a good price ;-) In fact, the competitive pressure of multiple listing gives you leverage.

Best,
Jeanne Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Mar 3, 2009
William I think you answer has gotten lost on the site and sorry for a late response. I think noting of showing homes in an area with several for sale. Each seller has a reson for moving. This does not mean that all sellers are in trouble and they understand they have to compete with each other to sell their home. If one of them is distressed yes the values are lower than the one next door. Does it mean the others won't sell, no in fact the other will sell faster because the buyer is not waiting 90 days to hear from the bank for approval on a short sale. Values are going down on their own and adjusting in price this is a normal occurance in Real Estate. You may buy low but with time you will see the increased value come up.
0 votes Thank Flag Link Tue Mar 3, 2009
Please go and knock on 3 neighbors doors and see what they have to say!
0 votes Thank Flag Link Tue Feb 24, 2009
William,

Our recommendation is to try to view your opportunity from a community perspective. If the selling movement was rampant throught out the community, it may be a signal to explore other options.

However, the fact that there are several properties for sale on a single street may be coincidental.

The fact that there are three next to each other for sale may help create an opportunity for the buyer that is able to view this as such. The value of the home is going to be more of a reflection of the overall area not the three homes in question.

Good luck
0 votes Thank Flag Link Sat Feb 7, 2009
Hi William, I agree that this circumstance can be used to your advantage. The spring market is beginning, it is the time when it is customary for sellers to list their homes for sale. without knowing the street you are speaking of, it may be it is an area at an expected point of turnover, ie, perhaps folks retiring, or empty nesters wanting to scale down.

If you like the area, use it to improve your position! Good luck!

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Feb 7, 2009
it sounds cold but, someone elses loss is your gain. if you like the area and neighborhood you may very well be in the drivers seat to get the best buy. It sounds like you could play all four homes against each other for a bottom line offer. I am sure they too know about the other homes available and neither the listing agent nor the home owner would want to have you walk away from a deal. Good Luck.
Web Reference: http://GregoryBain.com
0 votes Thank Flag Link Fri Feb 6, 2009
i really liked the street. it is a quiet cul de sac. we went to look at one house and noticed the next door neighbors house was up for sale as well. we have been going back and forth over whether to make an offer and i notice the one across the street a few houses down is up for sale now too. also the one that bakcs up to it behind it on a nother street is for sale as well. could just be the mraket or like you said a factory or plant had closed in the area. all houses seem priced about the same just a little different due to baths and lot size.
0 votes Thank Flag Link Fri Feb 6, 2009
As a buyer, you should be ecstatic. Besides the fact that it is the best buyer's market in the last umteen years, you have expanded your negotiating stance even more so.
If you have a concern, go visit the neihbors and ask if there is anything going on. If there is someone will tell you. Most neighbors love gossip.
Otherwise, if this is "the house", then of for it and do not wait, otherwise someone else will grab it.Sincerely,

Jeffrey David Halpern, CSP
Broker Associate
Prudential New Jersey Properties
64 Diamond Spring Road
Denville,NJ 07834
Phone: (973) 625-1250 x143
Fax: (973) 625-1672
Cell & Txt:: (201) 317-7527
URL: http://www.JeffHalpern.PruNewJersey.com


NO EXCUSES………
……..JUST A SOLUTION
0 votes Thank Flag Link Fri Feb 6, 2009
Are the homes in foreclosure or selling short? How do they compare with the home you'd like to purchase? Have you checked them out?

I don't think it's a bad move, it's sounds like usual neighborhood turnover.
0 votes Thank Flag Link Thu Feb 5, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer