Tuesday, August 26, 2008

Foreclosures in the Neighborhood

Dear Rich,

We live in a new large sub division in South Carolina South of Charlotte, NC. There are literally 2 dozen homes for sale in the neighborhood (there are about 500+ total homes). Some of these are foreclosures, including the home next to mine which has been empty since December.

Now that the home next door is listed (it took a long time), they have the price listed at almost $100K less then the previous owner bought it for. I am concerned that this house has been vacant for so long and given that it is listed for so much less than the original value, it is having an adverse affect on my home value.

Is there anything that I can do to help sell the house next door, or help raise the value of mine in this situation?

JW - South of Charlotte.

Dear JW -

You are in a pretty common, however unfortunate situation. Luckily, the good news is that the real estate agent that now has that property listed has it in their best interest to make sure that it sells quickly, and obviously, they want it to sell at as high a price as possible.

The agent should make sure that the property is cared for, so there is nothing that you necessary need to do with that, however, you can be sure to make your home and property look as good as possible. If someone is looking at becoming your new next door neighbor, they will want to know that you take pride in keeping your yard and house well maintained.

The market has caused the foreclosure rate to go up, and home values to go down. But the bright side is that you live near Charlotte, which remains one of the stronger and steadier markets. Even better--the area you are in is very popular. I suspect that the house next door to you will sell quickly and when it does, your home value will go up slowly over time as it should be.

Rich Ferretti

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

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