How Your Neighbor’s Foreclosure Home is Affecting Your Homes Asking Price
Has your neighbor gone into a foreclosures NYC and it seems since then there have been fewer inquiries on your home? Have you been getting a few low-ball offers that seem to be extremely insulting? Even foreclosures NYC homes that are not directly in your block, but in the area can have a grave effect on your homes asking price.
Abandoned Properties
Unfortunately, the longer a property sits as abandoned, the lower the potential value to your home. Think about potential homeowners driving by seeing an abandoned home. The yard is unkempt, the windows are boarded, utilities are disconnected, and it may bring squatters into the neighborhood. The closer the foreclosures NYC homes are to your home for sale, the worse it may be. So in turn, if you have a close property, you may feel you need to lower your homes asking price to attract buyers.
Comparable Properties
Usually, buyers are working with their realtors and want to see home comparisons. The agent is not going to provide a foreclosures NYC listing to them. For one, it’s not advantageous to them, because it’s a lower commission. However, if there have been a significant amount of foreclosures NYC or short sale NYC in the area, the market trend reports will affect your home’s perceived value. Having your neighbor’s foreclosures NYC home next door, however, places a realistic and comparable home in potential buyer’s eyes.
So you may wonder what can be done to get your home sold as close to the asking price as possible. First, remember; show your home’s value. Make it appeasing to potential buyers. They should feel at home once they walk through the door. Next, work with a realtor who is trained on selling in this market since the terrible 2008 housing crisis. Finally, refer your neighbor to a Premier Real Estate NYC since we have been helping homeowners at risk of foreclosure in New York City and stopping it in its tracks.