The Condition of a FOR SALE Property is Important . . . What About the Neighbor's House?!?
We know that the Condition, Location and Price of a property listed FOR SALE are important factors for buyers in their consideration of a home to purchase.
The Condition of a listed property can include: exterior condition, interior condition, deferred maintenance, etc. Perhaps the home was built in 1990 (22 years ago) and hasn't been updated? The Condition might be in great shape -- which was the case in a recent transaction we'll be closing escrow on soon. GREAT Condition, but with original kitchen, lighting fixtures -- the bathroom was complete with those round-bulb "Hollywood" lights. GREAT CONDITION, although dated.
The Location . . . location, location -- we get that! The mantra of the real estate world is chanted for a reason. The house might be wonderful, the location not so much. Location of a property is a key pricing AND selling feature.
The Price . . . can take into account the two-above factors. A propety that's priced FOR condition AND location will sell. Price is paramount. A home on a busy street, or with a backyard abutting (love that word) a cemetery, or located a half-mile away from the railroad tracks WILL sell . . . if priced right. The same for condition . . . a fixer will sell if priced right.
BUT . . . WHAT ABOUT THE NEIGHBOR'S HOUSE??
A set of first-time buyers went out last weekend and saw this directly across the street from the property of interest:
Sad -- the property of interest was nice, in good condition, the location was good for my clients and overall it was in the right price range.
Although the property was priced well for the market -- it was NOT priced well for what was directly across the street!
Notice the Christmas Lights on the property to the right -- It's JULY!!
And THANKS to my clients Tammy and Eddie for having their trusty camera at the ready and taking these pics for me!