Many signs, same place
You’re keen to snap up a house and you spot a street or block with multiple “for sale” signs. Alternatively, you want to sell your place and suddenly, almost every home in your area is up for grabs. Both buyers and vendors can be left pondering whether this situation is a good or bad thing. Let’s explore the possibilities.
Multiple neighbouring homes hitting the market simultaneously could be due to a development being built nearby. Not surprisingly, the vendors want out ASAP. Or, are council rates or crime on the rise? Has a bunch of noisy neighbours moved into the street? Is an easement about to be created? Once you’ve checked out such issues, and if the answer to the above is no, start thinking outside the box. There could actually be a positive reason why for sale signs are popping up faster than you can say “Sold!” There’s also a good possibility that all these signs are pointing to a top-notch opportunity to enjoy abundant choice and bargaining benefits.
It’s true that a street chocka block with for sale signs can make a bad impression on buyers. On the other hand, smart buyers will consider all the potential negatives of this situation and if they’re keen, they’ll act fast to purchase your property. Result: a quick sale. However, if you’re worried, chat to selling neighbours and other people who’ve recently sold up in your street or suburb. Ask them about their sales experiences and whether they enjoyed a lucrative outcome. Remember your aim is to capitalise – not minimalise – on all those for sale signs.
Firstly, this place is clearly enjoying soaring property price growth. A tightly held – or less popular or off-colour area – will only rarely display for sale signs. Then there’s the possibility that this is a hotspot space. Generally underperforming and not known as a blue-chip location, hotspots may nevertheless enjoy easy proximity to popular, increasingly expensive points. So, all those for sale signs can mean that slowly but very surely, the area is enjoying fantastic sales. This situation is in turn encouraging those nearby to sell as well. Last but not least, reflect on the fact that people living within certain suburbs are often at similar lifestyle stages. For example, the location could be a family-friendly spot or alternatively, there could be many seniors around. As a result, these neighbours often sell and move on at the same time, such as when children get older and leave home, when children are born, or people pass away. As such, it’s perfectly natural for many home owners to hit the for sale button instantaneously.
Other prospects to consider
Economic ups and downs can of course affect real estate as well. In tourism meccas, in particular, filled with weekenders and holiday homes, you may see several for sale signs appear almost overnight if the market drops and stagnates. This is usually because people are keen to sell their rural abode and free up more cash for their “real” suburban house. The same situation can also occur in everyday suburbs especially in the current period of extraordinarily low-interest rates. We don’t want you to panic about this possibility but it’s definitely one worth thinking about. Watch out as well when multiple apartments in the same complex hit the market at the same time. This can be due to a special levy just being announced and vendors trying to avoid paying this extra cost. But it can be a wonderful buying opportunity.
Due diligence and savvy research are still the keys to a smart purchase or sale. Check with your real estate agent and solicitor about any potential adversities which may affect a property’s value including nearby infrastructure and development issues. Buyers, you may be able to use a negative situation in a busy for sale sign street to grab a great deal. Sellers, you could well enjoy a swift sale thanks to your area’s property price growth and similar. Whichever side of the coin you’re on, you could easily win out in this situation. Best of luck to you both!