{"id":5504,"date":"2023-08-21T21:22:29","date_gmt":"2023-08-21T20:22:29","guid":{"rendered":"https:\/\/www.craneandco.co.uk\/pages\/?p=5504"},"modified":"2023-08-21T21:22:29","modified_gmt":"2023-08-21T20:22:29","slug":"what-is-next-door-syndrome-and-could-it-affect-your-property-sale","status":"publish","type":"post","link":"https:\/\/www.craneandco.co.uk\/pages\/what-is-next-door-syndrome-and-could-it-affect-your-property-sale\/","title":{"rendered":"What Is Next-Door Syndrome and Could It Affect Your Property Sale?"},"content":{"rendered":"<h3><span style=\"color: #618899;\">Let\u2019s be honest, we\u2019ve all been a nosy neighbour at some point, haven\u2019t we?<\/span><\/h3>\n<p>A \u2018for sale\u2019 sign goes up on a property in your street, and within minutes you\u2019re online to find out what it\u2019s on the market for.<\/p>\n<p>Soon enough, you\u2019re marvelling or shuddering at your neighbour\u2019s taste in d\u00e9cor and deciding that your home is bigger, smaller, smarter or scruffier than theirs.<\/p>\n<p>There\u2019s nothing wrong with this; in fact, if you plan to sell up yourself, it\u2019s useful market research. But it\u2019s also important to keep things in perspective, or you could develop what is known in the property industry as Next-Door Syndrome.<\/p>\n<p>This term refers to a seller whose price expectations are based solely on what their neighbour\u2019s property sold for. (Usually, people think their home is worth at least as much as their neighbour\u2019s, or a bit more.)<\/p>\n<p><strong>While knowing what other properties in your area achieve at sale is helpful, it\u2019s important to look at the whole picture. Other things to consider include:<\/strong><\/p>\n<ul>\n<li>Square footage. Is your neighbour\u2019s property the same size as yours?<\/li>\n<li>Selling price. You probably saw the asking price when you did your online snooping, but your neighbour may have had to accept a price reduction.<\/li>\n<li>Completion time. Sometimes, it takes half a year to complete a deal, so the price may have been agreed six months earlier when the property market was in a different place.<\/li>\n<\/ul>\n<h3><span style=\"color: #bda762;\"><strong>The impact of Next-Door Syndrome<\/strong><\/span><\/h3>\n<p>Focusing too much on your neighbour\u2019s property deal instead of what\u2019s best for you in the current market could mean you get your pricing strategy wrong and prolong the whole sales process.<\/p>\n<p>The risk is you overprice your property and deter savvy buyers. After months of lacklustre interest, you\u2019ll have to drop the price.<\/p>\n<h3><span style=\"color: #bda762;\"><strong>Valuation strategy<\/strong><\/span><\/h3>\n<p>When you get three agents around to look at your property, don\u2019t take their valuations at face value. Ask them how they reached their conclusions.<\/p>\n<p>A good agent will welcome the opportunity to explain their calculation and the different data sets used to determine a property\u2019s value.<\/p>\n<p>Also, be aware that some agents deliberately overvalue a property just to win business.<\/p>\n<p>Once they\u2019ve secured the listing, they\u2019ll quickly suggest a price reduction.<\/p>\n<p>Go for an agent who is ambitious but honest. Selling a property is a huge undertaking, and it\u2019s important that you trust your sales team.<\/p>\n<h3><span style=\"color: #618899;\"><strong>For a free valuation, contact us here at Crane &amp; Co\u00a0today.<\/strong><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s be honest, we\u2019ve all been a nosy neighbour at some point, haven\u2019t we? A \u2018for sale\u2019 sign goes up on a property in your street, and within minutes you\u2019re online to find out what it\u2019s on the market for. Soon enough, you\u2019re marvelling or shuddering at your neighbour\u2019s taste in d\u00e9cor and deciding that [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[9,3],"tags":[8,25],"class_list":["post-5504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-sellers","category-personal-advice-from-our-team","tag-advice","tag-jerry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/5504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/comments?post=5504"}],"version-history":[{"count":1,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/5504\/revisions"}],"predecessor-version":[{"id":5506,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/5504\/revisions\/5506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media\/5505"}],"wp:attachment":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media?parent=5504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/categories?post=5504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/tags?post=5504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}