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Bernadette, Both Buyer and Seller in Maryland

Any advantages/disadvantage to list your home when another property (in same neighborhood, very similar home) just got on the market?

Asked by Bernadette, Maryland Sat Jun 23, 2012

Any advantages/disadvantage to list your home when another property (in same neighborhood, very similar home) just got on the market? Another one was on the market last month, got multiple contracts. Would it be better to wait a little?

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Answers

9
Hi Mary,

Market your home when the time is right for you. There will always be competition whether it is in your neighborhood or elsewhere. Just make sure that your price and condition are competitive so that your home is chosen. Hoping you get multiple offers too!
0 votes Thank Flag Link Mon Jun 25, 2012
Well, it depends, do they actually show the same, will be the pricing similar, size is similar, in other words who looks at one would they look at the other? In other words because there are more than one, will it bring in more curious buyers. If the price is different, you have to discuss it with your
Realtor..... it may be a "hot" area and although one went under contract and off market there may still
be buyers out there that were not able or not yet ready to make an offer and may just come and look
at what else is NOW available and you may want yours out there - more buyers looking is always a
good idea. Your Realtor can preview the other home and make suggestions to you either on pricing
or some upgrades, just painting some walls in en vogue colors, staging, removing or moving
furniture to better compete with the other home.

Think the more the merrier, there will be overflow from one to the other listing.....

But discuss the plus and minus with a local experienced Realtor who has seen homes will preview
the home that just came on the market and will give you the very BEST advice.

Sincerely yours,
Edith YourRealtor4Life and Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties.
Edith speaks French, German, some Spanish and other.....

@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093
EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com

Check out my website at htttp://www.tinyurl.com/MeetEdithHere and get to know me better and
learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Jun 25, 2012
DON'T WAIT!
The knowledge of your neighbor receiving multiple offers translates into multiple qualified buyers interested in purchasing a home in your area now. Only the greatest and best offer will accepted. The remaining parties will begin their new search immediately. You have to strike while the iron is hot. Call your Realtor today!
0 votes Thank Flag Link Sun Jun 24, 2012
I love competition between buyers...your bringing attention to the neighborhood that buyers otherwise may not have looked into. Careful. It to saturate your area....speak with your Realtor about a strategy that would work best for you
0 votes Thank Flag Link Sun Jun 24, 2012
Mary Lin,

You can't control what another home seller does in your neighborhood so use them to your advantage. Having your home properly prepared and STAGED for showing is more important than pricing. You can raise or lower your asking price with a stroke of a pen, but a buyers impression of your home lasts forever. Use the first 2 to 3 weeks of the other homes marketing time to prepare
your home for sale. If the other home is not "Under-Contract" in 3 weeks home buyers are looking for another home choice......hopefully yours.

Greg Myers
RE/MAX Realty Group
0 votes Thank Flag Link Sat Jun 23, 2012
Mary, are you selling the home yourself?
0 votes Thank Flag Link Sat Jun 23, 2012
As long as you're priced right and your home shows well then you really don't need to wait. Maybe ask your agent to take you over to view the other home so you can see what potential buyers are going to see.
0 votes Thank Flag Link Sat Jun 23, 2012
Mary, the market is bigger than the just the homes in your immediate neighborhood, so I wouldn't necessarily worry about your neighbor's home. For most areas in Montgomery County, inventory is super low. This is great for sellers, but can make it tough to buy. I hate to sound like a real estate agent, but it's a great time to sell for many home owners right now.

Here's a current update on our current market which hopefully gives you insight as to what's currently going on:

http://mocorealestate.com/2012/06/22/june-real-estate-market…
0 votes Thank Flag Link Sat Jun 23, 2012
Just make sure you don't sell the competition! Have the house in tip-top shape, and price it at/below the other home. Also, be sure the buyer agent co-op fee is equal/above your neighbor.
0 votes Thank Flag Link Sat Jun 23, 2012
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