Quick Tip Tuesday – Beware of lots of homes for sale in the same neighborhood

Geez… There sure are a lot of (condos, houses etc) for sale on this block….

QTT - Multiple For Sale

A word of caution (or you can watch the video here).  When you are house-hunting, keep an eye out for areas that seem to have a lot of places for sale on the same block.

If you are looking for condos, if a lot of condos in the same building have gone up for sale around the same time, it could mean that something is brewing in the building, such as an upcoming special assessment or nearby new construction that will impede current views.  If you do choose to make an offer on a condo in a building that has a lot of recent “For Sale” activity, make sure to do extra due diligence to see what is happening with the HOA and the surrounding neighborhood.

If you are looking at buying a single family home, and you find a block or small neighborhood that has a lot of homes for sale, beware.  The neighborhood could be in the planning stages of some sort of road project, re-zoning of existing land or other big changes that will alter the current character of the neighborhood.

The saying “Buyer Beware” is an old one, but one of the most important things to remember.  By taking the time to really research not only the home, but the complex or surrounding neighborhood, you have the best odds of buying a home you will be happy in for years to come.

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