NEast Philly is publishing on a limited basis this week for a summer vacation. This installment of Real NEastate was originally published in summer 2012.
Q: My next-door neighbor’s house is for sale in Burholme. If my neighbor on the other side puts her house up for sale too – which she is seriously contemplating – will it be less of a chance for me to sell my house? I really don’t want to wait, but I also don’t need it to look like there is something wrong with the block, or Burholme. I can tell you there is not.
A: If there are three homes for sale in a row, it will raise eyebrows. Usually it’s not a huge problem when two, or even three, homes on the same block are for sale, unless block after block in the same neighborhood have the same situation. In your scenario, three in a row will seem fishy to homebuyers.
As you already are thinking, and unfortunately for you, there will be buyers that raise the question, “Why are they all eager to sell?” Buyers also may not believe the answer they receive, even if it is a case of bad timing to have three for sale in a row. And buyers can find another house easily since there are 41 other homes for sale in Burholme.
If your neighbor does put her house up for sale, I would hold off a little longer if possible. I know you may have goals, but you also don’t need it to look like you are having a fire sale. Such an arrangement would likely net you less money for your home that you’d probably get if you were the only home on the street for sale.
If one or both of your neighbors’ homes goes under contract in the near future, you can request they include a “sold” rider on their sign or remove the sign completely. That way, you home will actually look more desirable to buyers when your “for sale” sign goes up.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.