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Friday, October 17, 2008

Should you buy the largest home in the neighborhood?

I was speaking with a potential seller earlier this week. He was considering listing his home for sale. I always ask sellers what quality they like about their home when I initially meet with them.

Sometimes it is the location. Sometimes it is the neighborhood. Sometimes it is the privacy or view from the backyard. Sometimes it is the kitchen.....everyone has their own idea about the top quality in their home.

This gentleman said - everything - you just have to see this place! I asked him to clarify. His response: It is the largest, most expensive home in the neighborhood. Unfortunately, I do not always see this as the best quality.

Why?

Having the largest home in the neighborhood is not always a positive. I frequently advise buyers to look for the mid-to-lower sized or priced in a neighborhood. Personally, I believe the chance of the smaller or mid-priced homes gaining in value is better than the most expensive property.

Will I list the property? Sure, if the seller decides to go forward. Unfortunately it will be a challenge to sell. The buyer will be someone who wants the biggest, most expensive home in the neighborhood.

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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