Profile picture for user308316

Was going to sell my house and my neighbor beat me too it.

He is selling for 10,000 less than I was going to list for and the houses are very similar in size and amenities. Question is should I wait until spring or sell now? realtor says I would have to bring my price down to compete with his  not what I want to do as I need to pay off the mortgage with the sale.
Thanks,
J
  • July 30 2012 - Randolph
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Answers (11)

Is your neighbors home a short sale or is it a 'traditional' sale?

And would your home be considered a short sale - either now or with the reduction in price?
  • July 30 2012
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Profile picture for NinaHarris
Put it on the market now.  If your neighbor's home sells for less and you put it on the market afterward, you will be taking a lower price as his home would be used for a comparative.

Good luck
  • July 30 2012
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Profile picture for user308316
thanks...Not sure what a short sale is but we have both been in our houses for around 7 years. I don't think my neighbor is taking a loss with that price but its priced to go thats for sure..
  • July 31 2012
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How did you decide on the price that you would be asking?
  • July 31 2012
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I suggest that you list your home with a Realtor, to be sure you have good marketing.  I suggest that you list now.  Perhaps your home will sell first.
  • July 31 2012
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Profile picture for Ofe Polack
Contact a Realtor and ask for a comparative market analysis of the property.  As other participants have asked, "is the other property a short sale?"  all you need to do is contact the listing agent and ask.  It is best to compete now with the other property before it sells, if you can, than to wait and then that sale becomes part of the comps that an appraiser will use when you get a purchase and sale.  Ask your listing agent for ingenious marketing tools to beat the other property.  Many times the interior decoration and landscape of one property captures the buyers.  How does yours compare with the other....?
  • July 31 2012
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Profile picture for user308316
I had a fair market analysis of my property and it came in about what the neighbor is asking for his property. I'm guessing he wants to get rid of it as fast as possible because it doesnt seem like he is listing it for any more than the value( just guessing as the realtor said the houses are comparable). I have some things to do to my house to get it ready to sell still, like painting and reinstalling some trim, plus there is one bedroom that needs to be finished. I could probably put it on the market within a month. Just didnt know if it was better to sell it now or wait until spring. I guess I am just worried that the realtor would advise me to get it on the market...He doesnt make money on it otherwise. This is just me being cautious I guess. The realtor seems trustworthy enough I was just thinking what reason would he have to advise me not to market it.( same realtor that sold me the house)
Now when you say to contact the realtor to find out if its a short sale I am assuming you mean the neighbors realtor?
  • July 31 2012
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Cant get ahold of the realtor right now but I am assuming it isnt a short sale. How would that effect me if it was?
  • July 31 2012
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Profile picture for Ofe Polack
A short sale, is a sale where the lender accepts less than it is owed on the mortgage, therefore those properties sell for less than the market value, hence the sale of that property will impact on the price of yours.
  • July 31 2012
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Profile picture for wetdawgs
If you have a number of actions you have to take before you can put your property on the market, I'd do several things:

1.  Keep your fingers crossed that there is an open house at your neighbor's home.   This will allow you to compare condition and finishes so you can evaluate if your home is slightly more or less than theirs

2.  Work hard to complete the painting, molding, finish the bedroom as well as declutter and clean, clean and more clean.     Make it so someone is willing to eat off the floor in the bathroom, and windows so clean that you don't know there is glass there.     Make sure all the tiny maintenance items are completed, the window screen with a small tear, a dripping faucet, a scratch on the door from the dog asking to go out, and all the other lumps and bumps that are normal around our homes.

 Don't ignore the garden and landscaping in your evaluation.   Are there weeds in the petunias?  Is the door bright and cheery, or does one have to crawl through a jungle of holly to find the dusty front door knob.  

3.  Watch activity next door.  Are there many lookers?   This is good news, because there is interest in price and location.   Nobody - not such good news.

Good luck!
  • July 31 2012
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Profile picture for user308316
Thanks for all the advise. As for number one my realtor is showing it so he will get to see the inside. I have an inside man. Lol. I'm going to keep plugging along and try to get it on the market ASAP. Sounds like that's the best thing to do. I was thinking the market might be better if we waited awhile. Again THANK YOU for all the advice!! J
  • August 01 2012
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