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I am looking at a house which is next to a residential road. Its not too busy road. Its only used by residents of the area. There is no thorough traffic because this road is a semi circular loop off of a main road, so all people use the main road. But this is a 2 lanes on each side road. The road is not noisy or polluting. May be 10-15 cars pass every hour during the day and may be 40-50 per hour during office commute hours.
So in a way the backyard offers privacy from the neighbours backyard, but nevertheless its on a road.
I want to get a sense of how much of a deterrent would it be for resale. How much price reduction would I need to do to sell this ?
I am looking at a house which is next to a residential road. Its not too busy road. Its only used by residents of the area. There is no thorough traffic because this road is a semi circular loop off of a main road, so all people use the main road. But this is a 2 lanes on each side road. The road is not noisy or polluting. May be 10-15 cars pass every hour during the day and may be 40-50 per hour during office commute hours.
So in a way the backyard offers privacy from the neighbours backyard, but nevertheless its on a road.
I want to get a sense of how much of a deterrent would it be for resale. How much price reduction would I need to do to sell this ?
I am trying to get a fair price for this house.
For some it would be a major deterrent, but ultimately you need to look at what the comparable houses on the same road have sold for. Any good Realtor can help you figure this out.
It's not that it's a major deterrent, it's that you would be appealing to a smaller group of clientel. And that is with anything that is 'different', such as the flag lot mentioned above. I recently sold a house on a flag lot...the people LOVED that it was in the 'back' and they had more privacy. Some of my customers come from much more crowded places than where I'm selling so to them, a road in the back is not a deterrent at all. It's one of the harder parts of being a Realtor, for me, anyway, keeping my predjudices about certain properties out of the picture. Everyone's tastes are different. So, as Longacre said, the way to figure a 'fair' price is to do comparables for homes on the street or similar homes on similar streets. Are you looking to buy and flip? Is the area fully developed or will additional homes be built in the surrounding area that might cause more traffic before you want to resell?
And last, but definately not least...what is the property worth to YOU?
Sounds like my house, but it's also on a corner where people are driving like crazy into our development. It can be a deterrent for some, but if the house is special (upgrades and such) like ours is then it's not so bad. The thing you may notice is the noise when you are trying to relax. It was bad when we first moved in, but now we are pretty used to it. Someone will buy it.
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