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I'm looking for a house to buy and found one on a pretty busy road. The road is categorized as urban collector, although the width of it only accommodates one lane in each direction and there is no double yellow line in the middle. Speed limit is 25. I am not familiar with that area but people who live there told me the road gets busy during morning and afternoon commute hours.
Now my question is , in general, how much deduction I should take from other comps which sit on a quieter street? For example, if other comps on nicer street are sold at $500k level, how much should this house be valued? 5% less, or 10% less?
The best way to compare is to find other similar homes that have sold recently on this street (or similar busy streets) and compare sold price to homes in the area not on busy streets. That will give you an idea of how much such locations impact value in your area.
I also suggest you drive those streets yourself at varying times to determine if the traffic and noise is acceptable or not.
The best way to compare is to find other similar homes that have sold recently on this street (or similar busy streets) and compare sold price to homes in the area not on busy streets. That will give you an ideal of how much such locations impact value in your area.
I also suggest you drive those streets yourself at varying times to determine if the traffic and noise is acceptable or not.
Thank you for the suggestion. My realtor tried to find a comp on the same street but unfortunately couldn't find one. That why we got this dilemma and needs help here.
But I'll definitely drive at different times to evaluate the noise myself. Thanks again
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