It’s a nightmare scenario, you’ve decided to sell, maybe even found your dream home. You decide on your agent, book the photos and start to prepare your home. After a day of gardening ahead of said photos, you sit down to search Rightmove when up pops your neighbours’ home!
Don’t delay anything - Waiting around for theirs to sell isn’t the answer, often when similar homes are for sale on the same street it can actually have a positive effect, generating enquiries for each other, setting a standard and once one sells limiting supply against demand.
Consider your ultimate goal - You need to work out what’s important to you. Have you found your dream home and need to act quickly? Do you have time on your side because you’re downsizing to release equity? Whatever your goal is, keep it in mind.
Do your research - It’s obvious you’re going to have a nosey, so make it constructive. You are going to need to know how well it compares to your home. Is their garden bigger? Is your kitchen newer? You need to make sure you can highlight the positives of your home and find a way to overcome any disadvantage you might be at.
Have a chat – If you know the neighbour, this should be easy. If not, this could be a tough step but one that needs doing. The aim here is to be as open as possible, discuss your reason for moving (If it’s them, maybe leave that out), timescales and expectations on price. If you do this and can trust each other, it’s likely you will reach your common goal quicker. It may also reduce the risk of a pricing war.
Avoid a downward pricing spiral – It would be very easy to undercut your neighbour but that can be a dangerous game. If you undercut them without a reasonable justification (your kitchen is getting tired) it’s not uncommon for them to react by undercutting you shortly after. This will only end negatively for both parties.
Using the same agent – Of course this isn’t always possible. Your neighbour might be using a D.I.Y online estate agency, whilst that just doesn’t suit your hectic lifestyle. However, it’s worth noting the advantages of using the same agent. Logistically it makes sense, you will have the same types of buyers that will likely want to see both homes. After the viewings, feedback can hold further weight. You may gauge whether your home is on the front or back foot, highlighting areas you can change if it’s the later. A good agent should act professionally and impartially.
One has to sell first – Don’t take it personally if it’s not yours. A buyer’s decision can be influenced by the smallest of margins. A grateful first-time buyer may be swayed by some additional fixtures and fittings, however, those with green fingers may prefer the alignment of a garden.
Lucie Spencer - Residential Sales
E: email@example.com | T: 01773 749972
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