Home Selling in Kentwood>Question Details

Jacob Whitman, Both Buyer and Seller in Kentwood, MI

I'm afraid that my neighbor's home is highly overpriced and could have a negative impact on us when we try to sell. Should I be worried?

Asked by Jacob Whitman, Kentwood, MI Fri Mar 8, 2013

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Answers

13
I agree! I think it could help you sell your home.
7 votes Thank Flag Link Sun Mar 10, 2013
I had the same problem, it depends on the person.
Flag Sun Sep 1, 2013
sorry, but you don't get any extra VIP points with "replies"!
Flag Fri Jun 14, 2013
I would think it could help you.
Flag Sun Jun 9, 2013
Ask your real estate agent.
Flag Sun Mar 24, 2013
I listened to my agent and priced my house lower and sold it within a week!
Flag Sun Mar 10, 2013
HI Jacob,
I see you have plenty of advice on your question. If you have started to consider to list your home and would like some comps run to figure out a good price to list it at feel free to get a hold of me you can visit my website at http://www.josephwreed.com or give me a call (616)299-9602. I'll be glad to help anyway I can.
Thanks,
Joe Reed
RE/MAX of Grand Rapids
Realtor
0 votes Thank Flag Link Wed Aug 21, 2013
If it ends up selling for more it could actually help. Your homes sale will be affected on how YOU price your home, not what neighbors are pricing at. You would be more affected iof the underpriced it and drove values down.
0 votes Thank Flag Link Sun Mar 10, 2013
I guess my concern was that if their house sat on the market for a long time, it could give a bad impression of the other homes in the neighborhood. I knew my concern was likely unfounded, but thought it was a question worth asking. I know that a higher sale price for them would only help me when I sell, but I was anxious just the same. I'm actually not expecting to sell our house until this fall.

Thanks for all of the responses.
0 votes Thank Flag Link Sun Mar 10, 2013
Homes that are over priced tend to remain on the market longer than normal and contribute towards other homes in the neighborhood getting more attention......these homes often actually contribute toward the sales of other homes.....Not to worry!


Bill
0 votes Thank Flag Link Sun Mar 10, 2013
You know, Jacob, I can't see how it possibly can affect you. What's your thought process on this?
0 votes Thank Flag Link Sat Mar 9, 2013
Hi Jacob, It's unfortunate for them that they didn't price their home according to current market conditions in your area, This should only help you secure an able buyer in a timely manner. Good luck!
0 votes Thank Flag Link Sat Mar 9, 2013
I agree with Kathy's statement. Fair priced homes recieve the activity, whereas overpriced sit and collect dust. They are actually helping you sell yours :)
0 votes Thank Flag Link Sat Mar 9, 2013
A well priced home will get the attention of the buying public. They are out shopping and will see the values as they become educated to the market offerings.
0 votes Thank Flag Link Sat Mar 9, 2013
Not at all. If your home is priced where it should be for today's market, you should receive offers quickly while your neighbor's overpriced home will sit on the market.

How did you come up with the price on your home? Hopefully you are working with an Realtor who knows your market well and has given your a comprehensive market analysis on your home.

Kathy Persha, Broker
GRI, CDPE, SFR, CIAS
Nextage Advanced Realty
0 votes Thank Flag Link Sat Mar 9, 2013
That won't impact on you at all. In fact it may make your home look like a bargain....even though it is priced where it should be.
0 votes Thank Flag Link Sat Mar 9, 2013
I would not be too worried about it. At least when you try to sell your home will look like a steal compared to your neighbor's house. When determining the market value of a house, comparable "SOLD" properties have the most impact. Properties currently listed "For Sale" don't have much of an impact if they don't sell. If you are looking to sell and would like to know what your house is worth, let me know. I do most of my work in Kentwood and I would love to help you however I can. Thanks!
Web Reference: http://www.BrekSchutten.com
0 votes Thank Flag Link Fri Mar 8, 2013
Hi Jacob,

It shouldn't impact your homes marketability if your neighbor's home is overpriced. It simply won't sell. If it does sell at close to the listed price, that would be a good thing, and should help you ultimately when you do decide to sell. If the neighbor's home doesn't sell near the listed price, it is either priced too high, or in too poor condition for the price. That is a good data point of "what is too high".

Realtors knowledgable in the Kentwood market will check to see what neighboring homes similar to yours have actually sold for in the last few months, and will note the homes that do not sell (expired listings), and homes that are on the market that are not selling in the normal "time on market", and will compare those homes to yours. If you'd like me to give you a good idea of the market value of your home, give me a call or send me an email with your address and I'd be happy to do some research for you anytime. Trisha Cornelius, Realtor, ABR, SFR, e-PRO, Keller WIlliams Realty, 616-558-8927, trisha@trisha-cornelius.com
0 votes Thank Flag Link Fri Mar 8, 2013
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