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People exchanging house for money, metaphor for home prices

My Neighbor’s House Sold for $1 Million! What About Mine?

There’s no doubt that real estate is an exciting business, and home prices have been skyrocketing this past year with such low housing inventory. There are more buyers than sellers, and mortgage rates are still quite low, as well. This has helped keep driving home prices upward.

Keeping Up with the Neighbors

We get homeowners coming to us all the time because they had a neighbor who sold their house for a big profit. Their neighbor’s house sold for over $1 million, and now they want to know how much they can get out of their own home next door. They have dollar signs in their eyes, but the truth is the market isn’t always that predictable.

First of all, a high home value is not always the best reason to sell. You have to have a plan before selling your home. You need to know what you are doing with the equity, where you will be moving and what your next steps are. You also have to prepare the property for a successful sale. This may mean making repairs or upgrades, or at least getting it cleaned up and ready for buyers to see. You may have to put in some time, money and effort in order to present the home that will justify the highest price possible.

Why Every Home Sale is Different

What’s most important to remember is that every home sale is different. Each property is unique. Each seller has different expectations. Each potential buyer is coming in with their own priorities and with a different offer. No two situations are ever exactly the same and it’s impossible to expect the exact same results. Just because your neighbor’s home sold within a couple months for $1 million doesn’t mean yours will. You may get less. Yours may take longer to sell. You may get even more for your property. There are many factors that come into play:

  • Location—The fact that your neighbor’s home sold for a lot is a usually good sign that your neighborhood is a desirable location. It doesn’t automatically mean your house is worth as much as theirs, though.
  • Property/Home Size—You might be next door neighbors, but your houses could be very different. They may have a bigger lot and more square footage, which are generally going to result in a higher sales price.
  • Home Features—Let’s face it. Some homes are better designed and offer more appealing features than other. Bigger yard, nicer floor plan, more recent upgrades, etc.—these all factor into the price.
  • Quality—A house that is well-kept and an in good shape will naturally have more appeal than one that is in a state of disrepair. Certain features or finishes might be outdated, and that could drop the value in the eyes of buyers.
  • Timing—Perhaps nothing is more important than good timing. A few months can make a significant difference in how long it takes to sell a house and what kind of offers might come in. The urgency of the buyer and their personal circumstances are also factors that are difficult to predict.
  • Preparation—Some home sellers are much more prepared than others. Too many see the big dollar signs and rush to put their house on the market before it is ready to show. This can backfire and result in weaker offers. Get your plan together, be prepared and get your house ready for the spotlight!

Get Prepared for Your Home Sale

No two home sales are the same. No two houses are exactly the same, even in a housing tract with identical floor plans. Every situation is unique and the price you get will depend on many different variables as listed above.

If you are planning to sell your house soon in the Southeastern Pennsylvania or Northern Delaware area, it’s time to start your preparation as soon as possible. Contact The Cyr Team today for a no-obligation listing consultation and let us help guide you to a successful home sale.

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