Another option would be to hire an appraiser to do a detailed appraisal of the property at a cost of $300 to $400, CMA's should cost you nothing.
Please let me know of you have any other questions.
Examine in detail the county property appraisers database.
It is very likely you will see a 'unit value' assigned that when compared to similar and different properties will reflect the very value adjustment you are seeking. The unit value will be applied to the property size and the development value stacked on top of that calculation.
It is easiest to first observe this pattern using golf course fronting or big water view properties. When you spot the pattern you can then apply it to high volume traffic locations. There is most certainly a formula that is buried in the 'disclosure' links on the websites.
When you have spent sufficient hours pillaging and plundering the appraisers and assessors database you will realize these numbers are reflected in the compilation of a value, some number that may be labeled, "Market Value," "Just Market Value," and any variation of similar words that are universally accepted as being as relevant to true values as Z's guesstimates.
IN the end the formula will not provide the satisfaction you are seeking in regards to 'TRAFFIC."
There is an obvious solution. That is simply completing a market analysis. A market analysis will produce the 'real value' numbers. You know, the real numbers - what a willing seller and able and willing buyer agree upon regarding the value of real estate.
So, may I ask, why are you wishing to make this much more difficult than it needs to be?
Call the folks who do this many, many, many times a month.
You are correct on the second part about putting a specific percentage. If you are referring to how much traffic one has to deal with to get home and the distance/time to get there, there is an impact. It's probably not studied in the way you want but every buyer takes that under consideration. If I have a buyer who is thinking about buying an extra 1/2 hour away from town because the prices are 20K cheaper, I ask them to figure the cost of transport and the time lost and how that money could be put into a home and family time instead of a gas tank and drive. A person can save close $40k purchasing power by saving $200 in gas. If you are asking this because you are considering where to purchase, I would take a simple formula of $5 per $1,000 of purchase price ($40 = $200) and consider what you want to spend the $200 on - a house or gas. If you value a more rural location and the travel does not bother you and you would be happier, the $200 is better spent on travel expenses.
husband for that matter. Any idea?????
So really the same goes for home, Realtors, who have done business and previewed a lot of homes in a certain area, have the expertise and access to comparable homes, so that they can take inventory of a certain homes size, rooms, floor plan, additional rooms and amenities, lot size, location etc. etc.
and compare those and the age of the home and architecture and quality of construction to similar homes. Since each hose is most of the time somewhat different, Agents will be able to make the
necessary adjustments in establishing the current market value, i.e. reasonable market friendly
asking price and the current potential negotiation % equal to potential sale price. The adjustments
will be value adjustments up or down depending what the home offers in addition or lacks.
An Appraiser will do pretty much the same, except that often they are not as familiar with a certain
style of home, or area, or they have not seen a lot of homes in that particular market place.....
Good luck to you.
Hope this helps...
Most Sincerely yours,
Edith YourRealtor4Life and your Chicago and Northern Illinois
and RElocation Expert
Working always in the very BEST interest of her clients
at @Properties North Shore
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