Neighbor selling house at same time

[selahangel]

Hi:

We have been doing some upgrades to our house over the last month to put our house on the market at the end of April. Putting in granite counters and tile floors in kitchen and main bathroom - landscaping and such. Houses here have been selling within 8 months so we have a good chance of selling our house at the price we want.

Except, that now the neighbor across the street has decided to put his house on the market at the same time. There are pros and cons to both houses, but they are about the same size with the same number of bdrms and baths.

There is already one house around the corner for sale. It worries me that our two houses will be on the market at the same time. I don't want to lower my price based soley on the fact that there is inventory right across the street.

Do you think that this situation could negate the upgrades we are doing? As far as I know the only upgrades they have done/are doing is a new water heater. We can't afford that.

Angel

[the_tow_guy]

My guess is that you will be marketing to two different groups of prospective buyers; one that wants a basic house with "potential" and one that is looking for nice upgrades they don't have to put in themselves.

Let's see what the real estate pros think.

Congratulations on being in an area that still has home sales going; been dead here for about a year and a half.

[michaelshortt]

Prices in your neighborhood can effect the price of your home, just as prices in you city or state will. I would worry more if you have a bunch of foreclosures in the area, that is what people seem to be buying. But if it is priced correctly it will sell. The updates you have made are what people are looking for unless they are looking for a steal. I would contact a Real Estate agent you trust and get some idea if the price you are thinking is in the ball park.

[dougm]

If this is a situation where you NEED to sell or are selling and buying in the same market, my suggestion is to get all the numbers OUT of your head and hit the market aggressively. Make sure you have an agent who knows his/her numbers and will start you off with the correct on market price (considering the value of upgrades... Hopefully you checked with an agent first to make sure the upgrades you made had good return on the dollar...) and get your home in front of the buyers via all available media. Then, with your agent, establish a reduction schedule that fits your time on market expectations and stick with it until the home sells. Odds are very good that your neighbor and their agent will NOT do this and are of no concern.

If this is a situation where you don't need to sell and might not immediately buy again once you do sell, find an agent who's willing to give you a break on their commission and do what I like to call a passive listing. Sign, MLS, standard web sites and sit.

In an aggressive listing, you're going after the market. In a passive listing, you're letting the market come to you.

Good luck with your sale!

Doug M. (Agent)

[selahangel]

Well, there is a time constraint to some degree being that we want to be out by the fall or shortly after September. Our son is starting college and our business season will kick in at that time in the area we are moving to.

We are moving to north Texas from the Katy (Houston) area and our neighbor is moving to another neighborhood in Katy. They need to move before the school year starts. So essentially they are in the same boat as us as far as time.

There are no forclosures in our area, that is not even a concern. I am thinking that if we get our house on the market first and set the price then we might have a better chance at leading the market here (on our street at least).

I forgot to mention that as far as a realtor goes, we do not have one but have been approached by quite a few so I was thinking of holding a Realtor open house to get some feedback and be able to choose who we want to represent us.

What do you think?

Angel

[dougm]

Angel,

Please meet with the realtors one on one. Putting them all in the same room is extreamely uncomfortable and will probably not allow you to get a true feel for the way any of them will work.

Don't allow emotion to play any part in THIS decision (reserve that until you're looking for the agent who's going to help you buy...). Choose the one who knows the market, is sharp with their numbers and doesn't waste your time with a 2 hour presentation (show). Look for the ones who give you direct answers.

The Texas market isn't as tough as some of the other markets in the country, but it's still a buyers market and a listing agent needs to have a somewhat aggressive approach to get the job done efficiently.

Good luck with everything and don't be a stranger on the forum. Let us know how you do!

Doug M.

[selahangel]

Doug:

The realtor we hired is doing the same thing LOL

Angel