The presence of a distressed home in your neighborhood can negatively impact the fair market value of your own home and property. If a distressed home sells for well below the average market price of homes in the neighborhood, then this can further lower your property value.
A distressed home will not necessarily lower prices on other homes in the area simply by being run down or poorly maintained, though it very well could be if the owners do not have the physical or financial resources to care for the property any longer. However, if there are homes in foreclosure nearby, or people are dropping home prices more than 20% of the market evaluation, this could significantly impact your ability to sell your own home for the price it is worth. If buyers know there are other houses in the neighborhood listed for much lower prices, they won’t be as willing to pay a fair price for your house.
If you are interested in selling your home, but have distressed properties in your neighborhood threatening your market value, then you are probably thinking, “I need to know how to sell a house fast, and I think I need help to sell my house before the distressed homes in the neighborhood drive down my price.”
Your Real Market Expert with Real Market Experts has 1 years of experience selling homes in the Richmond area and can help you sell your home quickly regardless of any distressed houses present in your neighborhood. Our business is devoted to helping people sell their homes quickly. Call 1-800-SELL-NOW today for a free estimate on your house.
Real Market Experts (RME) is a group of motivated, successful real estate investment experts dedicated to helping you sell your home directly, for a fair, cash price regardless of any distressed homes in your neighborhood. Fill out the Real Market Experts online form to get an estimate on your house, and learn how you can sell in just 7 days.