There's a lot you can learn from homes selling in your neighborhood, especially if that home is right next to yours. If you spotted a sign in your neighbor's yard, you might want to do some investigating.

Keeping tabs on the outcome of your neighbor's home sale can prove extremely beneficial when it comes time to list your own property. Details about your neighbor's home and the transaction can provide key information about your local real estate market. Luckily, it's fairly easy to find out important pieces of information. Below are four things we encourage consumers to watch out for when a neighbor puts their home on the market:

1. The Open House
   Attending your neighbor's open house can provide you with several useful pieces of information. For one, you can get real-time feedback on how visitors perceive the property. Pay attention to what other visitors comment on and note what they like or dislike. The open house also allows you to see how your neighbor staged the home and their decor, which can help inspire some ideas of your own.
   
   
2. How Long It Sits On The Market
   The length of time it takes your neighbor's home to sell can tell you a lot about the state of the market as well as how homes are valued in your neighborhood. If your home is similar in size, price, and quality to other nearby Spokane homes for sale, you might assume your home could sell in a similar amount of time.
   
   
3. The Final Sale Price
   Knowing the final sale price of your neighbor's home can be very helpful when it comes time to sell your own. It can serve as an indication of what buyers are willing to pay for a home in your neighborhood. If the sale price was over the asking price, it might mean homes in your area are in high demand. If your home is comparable to another home in your area that recently sold, it's probably safe to use the sale price as a ballpark figure when determining your listing price. When you're in the process of listing your home, your real estate agent should be able to help provide this information.
   
   
4. Your New Neighbors
   Paying attention to who is moving in and out of your neighborhood can help you better understand emerging trends in your area. Are your new neighbors first-time homebuyers or empty-nesters? Are they commuting a long distance to work? Did they move here from out of state? By understanding who is moving into your neighborhood, you can be better prepared to market your home to the right target audience when it comes time to sell.

Having a good knowledge of the local real estate market is an important part of the selling process. Luckily, your neighbor's real estate transaction details can help you get valuable information.