Question Details

housesweetho…, Home Seller in 10512

Neighbor's house now on market - priced high?

Asked by housesweethouse, 10512 Fri Nov 23, 2012

Am I allowed to post questions about a specific house and link to it? I don't want to break any forum rules. Here's the deal - a house with nearly identical specs to mine just went on market and it is listed (in my opinion) very high. I want to get other people's opinions, and opinions on what I could realistically expect to get for my house when I list it (which I plan on doing ASAP - just have to do a few updates).

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How strong is the demand in you local market and your price tier? Are there many homes where are also similar to both of yours? Do you have the ability to delay your listing, or are you willing to try selling For Sale by Owner and using the price gap as a competitive advantage?

If you do the latter, you need not forgo the help a real estate professional. Two professional groups exist to help create this new fee-for-service marketplace. Here's a link to the section on one site explaining why consumers like you may like this unbundled service, money-saving alternative:

http://www.iarec.com/why_use_a_consultant.htm

If you prefer, the two and a half minute video is worth viewing, too!
1 vote Thank Flag Link Sat Nov 24, 2012
Your opinion probably doesn't matter in this case.
In fact, your opinion about your house probably doesn't matter.
You need the help of a Realtor, doing a CMA on both houses:
Have you been inside the neighbor's house?
There must be some differences.
The CMA will show Market Value of your house; if their house is prices much higher, it should help you sell yours.
That is a good thing.
1 vote Thank Flag Link Fri Nov 23, 2012
Any local realtor would do a CMA on your house as well as advising you if the updates you are planning are worth the time and money. I would seek the help of a professional. you are not obligated to list with that person.
0 votes Thank Flag Link Sat Nov 24, 2012
Hi housesweethouse,

What your neighbor listed their house for, could simply be what they "want" to sell it for, not what it "will" ultimately sell for. Unfortunately, there are many agents who let the owners dictate what the property lists for - and do them a large disservice at the end of the day with a lot of valuable time and energy wasted.

You'll need to be honest with yourself and look at your property objectively, from a buyers perspective. You'll also need to know the prices of what has recently closed, and what you'll be competing with when your property hits the market. What you believe to be a big selling point and an upgrade - may not be to someone else. Honestly and understandably, most people overvalue their property and end up saying various things like "well my home has XYZ and the house across the street doesnt, etc etc." Being completely objective is often hard to do, but extremely important. I would contact a licensed, full service real estate professional to help you through the process and run a free comparative market analysis for you.

I'll also add, there are various routes you can take these days to sell your home. You can A. list it yourself for sale by owner, B. use a flat-fee MLS service, and "add-on" additional services as you see fit for extra fees, or C. use a licensed "full-service" real estate professional to walk you through the process from A-Z, taking care of 100% of the marketing, contract, and negotiation - providing full support every step of the way.

You'll have to determine what fits your situation best. A and B will most likely require you to pay upfront, regardless of if your property sells. Choice C is full-service and might "cost" a little more, however you'll only pay if your property sells, and the commission can generally always be negotiated. Being a real estate broker, I am biased toward choice C - only because I have seen endless clients try the FSBO/flat-fee route, pay hundreds/thousands of dollars upfront only to have their home not sell, and end up calling me anyway.

Hope this helps!
0 votes Thank Flag Link Sat Nov 24, 2012
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