As a born and bred New Yorker, I still read The Times daily, including the Real Estate Section, though in most ways, New York real estate is a world apart from Charlottesville real estate. Still, it is always interesting to read what is going on in the big city..and sometimes the trends and dynamics translate well to life in a much smaller place! Here is an interesting article about Neighborly Competition!
To quote the article:
"In the current Manhattan market, it is taking longer for apartments to sell, and it is not uncommon for apartments next door to each other or on different floors to hit the market at the same time. Some brokers say that there is more to be gained by (cautiously) working with the competition in setting prices and marketing strategies than by going it alone. In the end, sellers want to make sure their place doesn’t compare negatively, especially since an apartment with an in-house rival is already at a psychological disadvantage."
Does this resonate in other markets? Sometimes, having a few homes for sale on the street or in the neighborhood is an advantage, especially if your home shows well and is well priced in comparison.....but of course, there is a "tipping point" and it is important to prepare your home thoroughly for the market and price it right when you are facing stiff competition right on your street!
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