Here’s How the Home Activity on Your Street Impacts Selling Your Home

By in Sellers with 0 Comments

One of my favorite songs, and in fact, I sang it to my children as a lullaby, is “On The Street Where You Live”. It’s from Lerner and Lowe’s My Fair Lady. In case you’re not familiar with it, here’s the film version:

On the street where I live, within about a ten-house span, there is a house listed for sale for $459,000, a house the owner is trying to sell himself, a foreclosed-upon house and a house for rent. What’s wrong this picture?

1) A random house for rent isn’t generally a cause for concern. However, the perception of a neighborhood full of rentals can be harmful. People think that it’s a transitory neighborhood and therefore the people who live there aren’t going to take long-term care of the property. Nor do they care about the property values and the general reputation of the area. When the people who live in a home OWN the home, they take better care of their investment and take steps to make sure that the house and neighborhood maintain their value.

2) The house that belongs to the bank, the foreclosed-upon one, looks horrible! The lawn is partially overgrown and spotted with brown in other areas. The paint is peeling. I haven’t gone inside. I know it’s going to be cold and soulless. Like with the house for rent, one foreclosure is not generally a problem. In fact, once it is listed for sale, it gives hope to the neighborhood – “Oh, look! Maybe someone will move in and take care of that place now!” But while it sits there, looking derelict, it brings the general impression of the neighborhood down.

3) The For Sale By Owner is also not a problem, of course. If someone wants to sell their house without representation, that’s their right. But I sort of cringe every time I drive by it. I know how hard it is to sell a house. I know it takes more than putting a sign up and some flyers out.

4) And all of these things together influence any would-be buyers of the $459,000 home. If you’re going to invest that amount of money in a market where the average home sale price is just under $205,000, you better be sure the neighborhood will support your investment. When the status of a street is a little questionable, any buyer will have to weigh carefully the pros and cons of spending that much money on a house.

Share This
About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

Leave a Reply

Your email address will not be published. Required fields are marked *