Home Selling in Palo Alto>Question Details

Ruby, Home Seller in Palo Alto, CA

What if two properties go up for sale next door to one another? how might that impact the sale price, timing? Should we go with the same agency?

Asked by Ruby, Palo Alto, CA Thu Jan 19, 2012

Help the community by answering this question:

Answers

22
Erica Ramus’ answer
In my area I don't like it when a neighboring property goes up for sale right next to one of my listings, as buyers might question why so many homes are for sale. But as for the agency question -- absolutely not! Interview several agents, not just the one representing the neighbor.
2 votes Thank Flag Link Thu Jan 19, 2012
You are complicating this unnecessarily:
Whether two properties are next door or down the block makes no diff.
You should enlist that help of a local Realtor, trust them, and let them do the work for you.

Good luck and may God bless
2 votes Thank Flag Link Thu Jan 19, 2012
You should interview several agents and go with the one that knows the market best, and is going to go the extra mile marketing your home and making sure it sells. If you are short selling your home you should go with an agent that has experience with bank negotiations and the communication skills to keep your buyer patient and actually get the deal closed.
1 vote Thank Flag Link Thu Jan 19, 2012
Ruby, you are complicating . . . oh, wait, my friend, Ron Thomas, said that already!

It "might" do a lot of things, but as a practical matter, it doesn't really have much of an effect. One of the underlying principles of real estate is that each property is unique; no matter how similar, they are not identical.

As far as choosing representation, I'd choose my own agent. If my agent happened to be the same as the neighbor, fine. If not, also fine.

All the best,
1 vote Thank Flag Link Thu Jan 19, 2012
Ruby, most homes in Palo Alto sell very quickly so unless it is not priced properly or is in a really bad location (such as backing up to the train tracks) I would co-ordinate with your neighbor and put your home on the market 1-2 weeks after or before your neighbor. Many homes are sold with multiple offers with a specific date set for offers. It is better not to have both homes taking offers the same week because it will cut down on the number of people willing to do the work needed to make an offer. The agency is not nearly as important as the agent. You should go with someone you are comfortable with and who you trust to do the best marketing for you.
Marcy Moyer
DRE 01191194
Web Reference: http://www.marcymoyer.com
1 vote Thank Flag Link Thu Jan 19, 2012
Your pricing and sale is going to be affected by what is on the market at the time and what closes escrow.

i recommend you interview and select the Brokerage and Broker you feel is going to position your home for the market, give it the best representation along with the skill and negotiation strategy you and your home deserve.

You may want to wait so as not to compete, or you may want to be their direct competition, but without interviewing and talking to potential Brokers you will not know what is in your best interest.

All the best to you.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Thu Jan 19, 2012
Hi Ruby and thanks for your question.

And you're astute in recognizing that two homes for sale might have a negative effect on your home.

Competition is usally a good thing in buying products, but, for the most part, competition amongst products tends to drive prices down, not lift prices up. So, in my mind, I would suggest waiting--especially now. Depending on the location, type of home and price of your home, buyers may not be as plentiful as needed to support two home sales side-by-side and on the same block. My suggestion is that if your neighbor already has his home on the market, you might wait just a bit (preferably long enough to allow the home next door to sell) before listing your home.

In waiting, you'll be able to gauge the market, see how many buyers show interest in the home, and also, to determine the consumer's perceived "pricing" of the home.

Had this been another time of the year or diferent market indicators aplay, I might give you a different answer. But if you're talking about right now...I'd wait for just a bit before listing and selling the home.

Most importantly, use this time to find a great Realtor to help you! And, no, you do not need to use the same Realtor as your neighbor. Aside from familiarity with the community, your neighbor's realtor will not offer a "quantity" discount on the listing and may not be able to provide you with much information about your neighbors sale. It's best to find the one Realtor to work with you and with whom you feel comfortable in his/her skills.

Good luck!!
Sincerely,
Grace Morioka
Area Pro Realty-People's Choice
Tel (408) 426-1616
1.5% listing and Buyer Rebates over 1.5% Commission-Some restrictions
1 vote Thank Flag Link Thu Jan 19, 2012
I am a firm believer in competition, it is the father of business and the mother of invention! By listing them with individual agents you will find different tactics and advertising mediums applied. Because the properties are next door the pricing pressure is very high... This will create a broader audience and potentially higher sales price and a faster sale. More eyes on the property provides greater opportunities.
1 vote Thank Flag Link Thu Jan 19, 2012
Do you have two homes on the same property next door to each other for sale
0 votes Thank Flag Link Sun Sep 14, 2014
I would not go with an agent who already has one or more listings on your street. When you list a property, it is in competition with the other listings on the street. Sure, agents will try to be impartial and sell both houses based upon the distinct features of each, but that approach works well when there are a lot of buyers available. There are lots of buyers for some neighborhoods in Palo Alto, but not all neighborhoods. Safer to go with an agent who represents your interests alone. There are plenty of top agents in Palo Alto, choose the one you feel best about.
0 votes Thank Flag Link Sat Feb 4, 2012
Ruby,

When you have two or more properties for sale on the same street, especially same cul de sac it does raise some concern to the buyer and it also gives them the false impression that their might be an opportunity to provide lower offers knowing there are more properties in the same place.

When we have fewer properties, the demand rises and usually the price rises as well.

The main reason to sell will need to come from you. Are you being forced to sell due to a hardship or because you are ready to move on. If you are not in a forced situation, it is usually best to wait.

Make sure and visit all the homes around you that are for sale. You should know their condition, what prices they are listed for and selling for. Understanding your homes condition compared to your neighbors will help you understand your own personal home value.

If you don't know a Realtor personally, ask your friends and neighbors. Interview the people they have suggested and see who provides you with current data, knowledge base of your neighborhood and city, and whom you are comfortable with.

Just because your neighbors are listing with people, doesn't mean it is because they are the best. They could be their uncle, daughter, or friend. Always interview. Always ask questions, and always watch how they treat your questions. Are they listening to you? Or are they just trying to push you into signing with them.

I congratulate you on asking your questions. They are VERY good questions and it shows that you are on the right track!

Anna Campbell
0 votes Thank Flag Link Fri Jan 20, 2012
Ruby,
Great responses already.
There is a lot we don't know and can only assume. For my purpose, let us assume both home are IDENTICAL!

If both are listed with the same agent and the neighbors home sells first, how will you feel? think?

Will two adjacent homes with a For Sale sign out front cause Truila visitors to post questions like,"What wrong with the neighborhood? Why are so many homes for sale?"

How will a showing agent or the listing agent create distinguishing value?

Having resolved these issues you will find critical mass, meaning a volume of homes to see, is actually beneficial and will generate increased traffic. This will be highly beneficial should Broker Opens or Open Houses be considered.

With the volume of sales we experience here in Florida, this would present very little concern market wise, however, the perception and emotion of the home owner can be problematic if these issues are not covered beforehand.

Best of success in selling your Palo Alto home.
Annette Lawrence
Broker/associate
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Fri Jan 20, 2012
Ruby, you have some of the top agents right here who answered your question ie: Grace, Marcy and the others who work your area. I would take the time to look over the profiles of of a few of us and contact the one(s) you feel would represent you well.( I would feel comfortable and confident with any one of us who work your area) As Marcy and others have pointed out Palo Alto is HOT, so you should have no trouble selling your home, if it is priced right.
Feel free to contact me with any questions.
At your service,
Allyson
408-705-6578
allyson@homesbyallyson.com
CDPE- Certified Distressed Property Expert
DRE# 01397256
0 votes Thank Flag Link Fri Jan 20, 2012
Ruby,]one thing to keep in mind is that the Palo Alto market is not like any other. We do thinks differently and buyer expectations are different. That is important to know when choosing an agent, a pricing strategy, and a marketing plan. While advice on real estate can be beneficial on some topics from agents in other areas, it usually does not apply to the crazy market here where we have only 26 homes for sale in teh etire city, and at least 26000 people trying to buy them.
Marcy Moyer
DRE 01191194
0 votes Thank Flag Link Fri Jan 20, 2012
If the agent listing the other property is the top agent in the area then definitely go with that agent. In terms of having two next door to each other that could work to your benefit, provided both are priced competitively, as it will bring more traffic into your neighborhood. Best of luck.
0 votes Thank Flag Link Fri Jan 20, 2012
Dear Ruby,

My recommendation is to go with the top broker and the top agent in the area. if you need help at no cost, I have the unbiased resources to help you.
Furthmore, your home must stand out better than your competition. That means de-cluttering, staging, painting and upgrades if required and within reason. If your home shows better and is reasonablly priced, it will sell first!

Frank Dolski MBA, ABR, e-PRO
Associate Broker
CARTUS & SIRVA Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
215-803-3237 (mobile)
215-794-1070 x-103
f.dolski@cbhearthside.com
http://www.FrankDolski.Com
Web Reference: http://www.FrankDolski.com
0 votes Thank Flag Link Fri Jan 20, 2012
I have to agree with the majority to interview a couple of agents and work with someone you are comfortable with and you feel you can trust. Palo Alto is such a desirable area and if price right your house will sell immediately. However, I would still suggest to go with the agent who will go for an extra mile to market your house for maximum exposure.

I do have clients who are looking in Palo Alto and I hope your house is the right one for them. I am also hoping that you will give me a chance to interview with you. I had a listing there two months ago.

Best of luck and let me know how I can further assist you.

Ivy C. Magsaysay
DRE #01400319
Century 21 M&M & Assoc.
408/431-1249
0 votes Thank Flag Link Thu Jan 19, 2012
By All means list your home !
However, you must sign an agent who can do more than just throw up a sign in your front lawn.
When you have a listing next to each other and two different agents this will seperate the savy agent from the average agent.
Im sorry but I dont tell my trade secrets for getting my listings sold for top Dollar !
However, I know many agents across the country who are tops in their field. Call me for a referal I know you wont be disapointed.

Call a few agents and listen to what they have to say.
You will be able to distinguish the top agent for the job!

Good Luck in your search.


Helene M Moore
Windermere Prestige Properties

702-275-2192

Web Reference: http://www.MooreVegasHouses.com
0 votes Thank Flag Link Thu Jan 19, 2012
Now that is quite a pickle but the odds of another home around the corner for sale as well won't have any less impact. Competition is out there. Make yours better and a little cheaper and guess who will sell first? I would not go with the same agency.
0 votes Thank Flag Link Thu Jan 19, 2012
Hi Ruby,

Great question as that situation does come up more than you think.

If you are in Palo Alto, the home is going to sell irregardless if your neighbor is selling or not. The inventory is way down and we all have buyers looking to get into the area. The key is to price your home fairly based on the condition, size etc. for the neighborhood. Hopefully your neighbor isn't in a situation where they are selling because of divorce or a short sale as that could dramatically lower their price. Otherwise, you should be fine to list at the same time or start it off market to test the waters.

Just make sure you have a good agent who knows the area. You should interview a couple of agents to get their price suggestion and marketing plan to compare who you want to go with.

I specialize in Palo Alto, Menlo Park and Atherton. I would be more than happy to give you a "no obligation to use me" estimate of what I think your home could sell for. We are the biggest and best in Palo Alto so you are getting a successful track record selling in your area.

Thanks and I look forward to talking with you soon.

Gary Kurtz
Alain Pinel Realtors
650.543.1202
gkurtz@apr.com
0 votes Thank Flag Link Thu Jan 19, 2012
Timing is the least of your worries ... the most important things to look at is the value and the market. Every home that sells needs to priced well for the competition on the market at the time it's being offered for sale. It really doesn't matter if the other house is next door or a mile away.

The unexpected benefit you might find is that they will feed of one another and ultimately create more showings for each. Regardless of the showings, the selling is going to come down to value and price!

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
775-781-5472
0 votes Thank Flag Link Thu Jan 19, 2012
Ruby, it boils down to your comfort level with the agent you select to do business. Whether or not it is the same agent/company should not matter. Obviously the home that shows better and is priced correctly, will most likely sell first. Try and be that property. Any buyer type incentives you can offer will also make your property stand out from the competition.

Bets of luck,

Rob Hughes- Long and Foster RE inc
0 votes Thank Flag Link Thu Jan 19, 2012
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