?

Log in

No account? Create an account

Previous Entry | Next Entry

Block Mentality

You may hear about a block where five houses sold in the space of a few months, and know whole neighborhoods where nothing has closed for over a year.  Is that one block, smack in the middle of a non-descript suburban neighborhood, somehow more sought-after than any other area?

 

Probably not.  What made all those houses on the one block easy to sell is that the first deal went smoothly enough to close. That set a market value for comparable homes nearby, created reasonable expectations for sellers, and enabled appraisers to validate contract prices. 

 

Most home sellers are unhappy competing when similar houses are on the market at the same time, thinking they’ll be caught in a downward bidding war, but that’s not always the case. Sometimes, they enter the “equivalent zone,” and find they get the same, not less, than their neighbor.  Buyers want to purchase in a stable area, and steady home sales in a semi-constant price range are an indicator of a balanced block.

Comments

Profile

real_lawyer
LitaWrites

Latest Month

July 2018
S M T W T F S
1234567
891011121314
15161718192021
22232425262728
293031    

Tags

Powered by LiveJournal.com
Designed by Keri Maijala