NEIGHBORS KNOW… AND HOME BUYERS CAN BENEFIT

The saying  ” Love thy neighbor….. ” couldn’t hold more truth than when you are buying or selling a property. Who knows as much, or perhaps more, about a listed property and the location than seasoned owners of abutting properties, especially those who pre-date the current owner?

* The owner, keen on selling for the best price, as fast as possible, and with the minimum amount of hassle may still be shy about pitching their home to friends, relatives, and contacts. The two, three, or four abutting property owners and the rest of the close neighbors, all of whom continue to be committed to living in the area they love, represent an even bigger pool of friends and contacts that could be a potential home buyer or sales supporters. Sellers who ensure that the Marketing Strategy for the listing includes the professional canvassing neighbors with notice of the new listing, and any subsequent price changes, are tapping into a neighborhood force of those who know why they love living where they do and usually love to talk about it.

* Real estate professionals assisting home buyers and sellers want to know everything about the property and location they are listing or selling, but unless they live nearby they may overlook subtle micro variations on local trends. For instance, the new mega build next door to my house is being promoted for its proximity to a popular public school. Lots of viewings, but after months in a hot market, no sale. In this high-traffic block, the majority of neighbors do not have small children. This particular property also has a bricked-over small lot with nowhere for kids to play, and nowhere to conveniently leave strollers and other kid-transporting vehicles. Parents may also see the huge backyard hot tub and full-size outside kitchen as tempting hazzards to small children. The tight-space rear parking makes kid-hauling SUVs too large for the site. This particular house suits singles or couples with older or no children and no big vehicles, which describes the majority of residents on this block. It’s the walkability of the area and proximity to village-like shopping that are the draw for these property owners.

* Neighbors know how the municipality deals with front-yard parking-pad applications, and can share examples of successful and failed parking requests. (The developer who bought the property originally should have checked with neighbors or city hall to find out if the planned front parking pad—an essential to a high sale price—would ever be a reality.) Availability of street parking permits can also a hot topic with neighbors, especially in areas where they are hard to get.

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