Real Estate lingo defined: Is "Street Phenomena" good or bad?

Street phenomena is when one home goes up for sale on a street, and then a few others pop up for sale almost immediately. What just happened?  It does raise a minor red flag, and it is important to find out why these homes are for sale.

There are three reasons for street phenomena.

Sheer coincidence, Some type of event in the neighborhood, or Seller ego.

• Sheer coincidence- It does happen, and when this is the case, there are no worries. Some areas are more transient than others for a variety of reasons.

• Some type of event in the neighborhood- It could be that the school boundaries have  been redistricted, for example. Or yes, it is a possibility that some homeowners got spooked by an event. You'll want to find out what, if that is the case.

• Seller ego-  This is by far, the most common. Here's what happens. Joe and Jen list their home down the street with a Realtor. Bob and Betty see the real estate for sale sign go up, and inquire as to how much Joe and Jen are asking for their home. Bob and Betty think to themselves, if Joe and Jen can get THAT price for their home, we can certainly get THIS price for our home. Let's sell our house, too.Then Kurt and Kathy find out what prices those homes are listed at and join the fray. Don't fall victim to that trap.

If you are selling your home and experiencing street phenomena, it is imperative that price your home correctly. If you are a buyer, and are interested in a home located on a road  that is experencing street phenomena, it's important to find out why, and in what order the homes went on the market. It does make a difference. I  delve for details for my clients, so no worries!

So, all in all, street phenomena is nothing to get overly concerned about. Just find out the details!