It's safe to say that proximity to power lines can cause a lower valuation. This should already be taken into account by the listing broker, if they did not consider the powerlines when they were pricing, that may be one reason why they do not have any offers yet. I would normally check the comps and see where the pricing should be at and whether it is inflated in anyway. Again, I'd love to tell you more given a little more information.
Best regards, Kjell 425.268.2627 kjellbock@CBBain.com
Just because a home has not sold in two months doesn't mean there is a problem. There are many factors influencing the real estate market in 2014, one which is the smaller pool of buyers post-recession. With fewer buyers in the marketplace, the days-on-market is longer for many listings. According to the market data I'm monitoring, the hottest urban neighborhoods are selling quickly, while the outer-ring neighborhoods are selling more slowly. Two months is not a long market time for a home in a suburban location. (Six months would cause me some concern, however.)
The near proximity of power lines is just one issue you should be evaluating. I'm not sure power lines located 300 feet behind the home is a problem? In the past, I've had clients who preferred to live adjacent to power transmission lines because of what they considered the amenity of the green belt and added privacy. More important to most buyers is low crime and good schools. Perhaps you chose this property because of those factors? It's safe to assume future buyers will evaluate the home you're buying for those same factors.
Ask your Realtor to provide you with sales comps for the neighborhood, and adjoining neighborhoods. Tip: you might want to examine sales comps going back as far as 2005-2006, before the real estate downturn. Study the days-on-market and price-per-square-foot. Ask your agent to help you crunch the numbers. This information should be helpful in your decision-making.
Final thought: EVERY buyer experiences a brief period of doubt, bordering on panic. This usually occurs just before or just after you commit to the purchase. Don't let momentary feelings of buyer's remorse cause you to back out of the deal if you really like the home. If you've done your homework, you're probably going to be happy with your purchase. Good luck.
In any case though, you should be able to get comps from the immediate area, and that would give you an idea of whether your are overpaying.
So, yes, imo, it is probable that the house didn't sell quickly due to the location of the power lines.
If being close to the power lines is OK with you, then I suggest you buy the house - a similar house away from power lines will cost more - and remember that, when you go to sell, that you have to discount similarly compared to houses that do not have them close by.
All the best,
The issue of power lines is a common concern. (I assume you're talking about major transmission lines not common lines from house to house) Some people believe there are health issues associated with living near them. Other studies dispute this. What is true is for sure is that as long as some people are worried, the market for these homes will be smaller than for the same house without them.
The advice I give my buyers is to research the science to your own satisfaction, I have no expertise in this area. If you want to proceed with the purchase the price you pay should be a relative bargain compared to the same house without power lines. It's also critical to remember that when you sell, you will need to give the same relative bargain to the next buyer and the market for the home will be smaller, thus you'll probably take longer to sell than the average at the time.
Best of luck.