There are a number of issues when your house is in competition with a neighbour’s property, and if you get your timing and marketing right, they can actually help yours to sell.
Here’s my guide to selling when your neighbour is selling too:
Don’t wait until they sell before putting yours on the market – often, property competition is positive, generating more interest and viewings for each homeowner. How many times have you seen a street with lots of sold signs on it? Interest begets interest, and it can actually create a buzz around the area with viewers booking to see more than one property.
Do your homework – you need to find out all you can about the other property, so that you know how well it compares with yours. Does it have a bigger kitchen, but a smaller garden? Has it been decorated more recently than yours? Is it shabby chic to your minimalism style? Look carefully through all the photographs you can find on the agent’s own website and on Rightmove and Zoopla, and try to look at them through a buyer’s eyes. How does your house compare?
The best way to find out about your neighbour’s house is to….
Talk to them – if you don’t already know your neighbour, (and hopefully you haven’t fallen out!) then go and talk to them about your properties. If you can both see it as a joint marketing opportunity, you have a much better chance of both getting what you want: a sale. Be as honest and open with your neighbour as you can, and discuss your reason for moving (you better hope you aren’t theirs), timescales, even the price they need. You are much stronger as a united front. If you open up with them, there’s every chance they will do likewise. You could even agree between you not to drop your asking price without first speaking to the other.
Selling when you have competition can be a real opportunity to sell your house more effectively!