Home Buying in 55340>Question Details

mspbuyer, Renter in Minneapolis, MN

I liked a house in 400k & wanted to buy,it is the first house in the road & opens to a busy road.It's priced right,but with the road is

Asked by mspbuyer, Minneapolis, MN Mon Mar 26, 2012

it a good buy? the house is in zip 55430 opening to county road 116 in medina,mn

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5
Donald James’ answer
Good Morning Mspbuyer,

Yes, you should be concerned about the busy road as it will effect resale. The question today: Is the house priced correctly against the competition? If all things are equal the corner house on a busy street should be priced less than similar homes on quiet streets. Your Realtor will help evaluate market prices using their CMA (Comparative Market Analysis) and PTA (Price / Trend Analysis) tools.

We are seeing an uptick of pricing in some western suburban areas so now is a great time to consider buying.
0 votes Thank Flag Link Tue Mar 27, 2012
Hi, mspbuyer!
Yes, that's a really good question. Typically, being on a corner of a busy road does impact the value. So if the price you're paying is AS MUCH as the other houses not on the road have sold for, I'd say there could be room for a price adjustment in deference to that busy road.

Keep us posted on how it goes. Good luck!!
0 votes Thank Flag Link Tue Mar 27, 2012
Good Morning Buyer, are you planning on paying cash for the home or using a loan? You typically don't want to be the corner house, but lots of times they are pretty nice. Keep in mind that it will affect the resale of the home. If that is no so important to you, then check out the videos on my website and I can put you in contract with my lender which will save you about $5k or more on your loan.

Ron
100% for Home Buyers - 100% of the Time!
0 votes Thank Flag Link Tue Mar 27, 2012
You do have to take some amount off the value compared to homes that aren't abbutting a busy street. It'd be best for you to have a realtor evaluate the home with you. If you don't have an agent representing you, let us know. We'd be happy to help!
Mark and Rick
952-451-2900
0 votes Thank Flag Link Mon Mar 26, 2012
Hi Mspbuyer,

I am guessing you mean 55340 in Medina. Can you be more specific on the address? It would be much easier to give you a proper analysis knowing which home exactly you are talking about. So many factors determine if a home is priced correctly or not, and I would hate to give you bad information. Feel free to contact me anytime!

Jennifer Kirby - Broker
Kirby Fine Homes
jkirby@theluxuryagent.com
651-785-3400

Lic MN, WI
0 votes Thank Flag Link Mon Mar 26, 2012
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