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This is rough, though. Looking at the link you provided, you're really almost surrounded by commercial property, with an access alley directly behind your property. There's no view to speak of and almost no privacy. The street you're on looks nice though!
For a starting place, I would look at sold comps for the homes on the end of nearby Elaine Street and Harmon Street to see where they ended up selling.
You are also in a noisy area with high traffic levels a short distance away, even though your street is not busy. It's not the end of the world, you will sell it, but expect a penalty. 10% is a decent guess, but the market will tell you the story when you list it. Don't be shocked if you get some low offers.
We've done the comps throughout the area. That is how we came up with the price we did. Although, it was tough because the condition of our home vs the ones we were comparing too were quite different.
Of the showings we've had, only one had negative feedback due to the location. We have another today, so we will see how it goes.
I've been in the home since '97 and when I bought it , the fact that there were only neighbors on one side was a good thing. I've always had some sort of toy...race car, boat , snowmobiles..etc so the less neighbors to deal with the better.
We've done the comps throughout the area. That is how we came up with the price we did. Although, it was tough because the condition of our home vs the ones we were comparing too were quite different.
Of the showings we've had, only one had negative feedback due to the location. We have another today, so we will see how it goes.
I've been in the home since '97 and when I bought it , the fact that there were only neighbors on one side was a good thing. I've always had some sort of toy...race car, boat , snowmobiles..etc so the less neighbors to deal with the better.
You need to use comps with similar locational problems. Sales in quiet residential sections are not comps for your home. As long as you did that, you’re fine. A common mistake is to downplay the negative factor, or even ignore it. And then concentrate on the positive factor. So in this case, you are keying in on condition, and claiming locational problems are a “feature”. It’s classic. Don’t do that.
I would guess that location leads to a yes or no response. A person would either tolerate the noise of nightly restaurant deliveries and trash pickup or they wouldn’t. If they tolerate that then they would buy just like any house nearby. IMHO
We've done the comps throughout the area. That is how we came up with the price we did. Although, it was tough because the condition of our home vs the ones we were comparing too were quite different.
Of the showings we've had, only one had negative feedback due to the location. We have another today, so we will see how it goes.
I've been in the home since '97 and when I bought it , the fact that there were only neighbors on one side was a good thing. I've always had some sort of toy...race car, boat , snowmobiles..etc so the less neighbors to deal with the better.
The problem with relying on buyer feedback for an issue like this is that in today's internet age everyone will look at Google Maps (or something similar) before they show up to the property. So, people who REALLY have an issue with the location just will not request a showing and you don't get their feedback.
This is really a situation where you have to lean on your agent and it would be really important to have a good one at your side. I would ask them things like . . . how many showings are other listings in this price point getting vs. how many am I getting? What's the typical market time for a house with an issue like this?
Quote:
Originally Posted by Marc Paolella
You need to use comps with similar locational problems. Sales in quiet residential sections are not comps for your home. As long as you did that, you’re fine. A common mistake is to downplay the negative factor, or even ignore it. And then concentrate on the positive factor. So in this case, you are keying in on condition, and claiming locational problems are a “feature”. It’s classic. Don’t do that.
Location is much more important than condition.
Agreed although I am finding in today's market that condition is playing a much larger role in sales than it has in the past.
Agreed although I am finding in today's market that condition is playing a much larger role in sales than it has in the past.
Especially for buyers who may be cash poor and want to own but don't have cash to fix up a place.
A home with big environmental/location negatives (RR track, industrial, busy commercial nearby) basically has to be in perfect condition to compensate for the less desirable location.
But the location will factor higher than the condition in my experience/observation.
I would think for a starter home, which this is, a buyer would be more focused one what they don't have to do ...updates, furnace , roof , etc.. more so than the location. Obviously I'm wrong or it would be sold by now.
I would think for a starter home, which this is, a buyer would be more focused one what they don't have to do ...updates, furnace , roof , etc.. more so than the location. Obviously I'm wrong or it would be sold by now.
If you don’t want to commit to a full 10% reduction based on location, try 5%. You can’t control location, or really condition at this point. But you can control the price. Your home will sell quickly if you price it such that the price captures and compensates for the inferior location. Also, since condition is your strong point, your marketing should be blazingly strong in that department. Your photos should include every element of improvement and should point out that there are 20 things the buyer won’t have to spend money on.
Your seller’s disclosure should be a marketing tool, with detailed explanation of everything you have done to the home that will be a benefit to the buyer. Also have receipts for everything readily available. They are also part of your marketing.
Your location can be overcome, but it will take some work to refocus buyers on what you have to offer. And if that damned Buffalo Wild Wings was an IHOP, things would be a lot easier.
Your location can be overcome, but it will take some work to refocus buyers on what you have to offer. And if that damned Buffalo Wild Wings was an IHOP, things would be a lot easier.
How's that? Sure B-dubs serves alcohol, which could be a problem, but IHOP is open 24/7 and gets lots of drunk people at 2/3 o'clock in the morning. I'd vote for the former over the latter.
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