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In My Neighborhood in 08610 : Real Estate Advice

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  • Local Info2
  • Home Buying11
  • Home Selling5
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Activity 2
ey.inbox, Home Buyer in Fort Lee, NJ
Fri Nov 4, 2016
ey.inbox asked:
My zipcode is 08610. This area is deteriorating fast and the value of my home is going down. We owe more than what the home is worth. I'm trying to assess if it will recover in short…
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Deborah Madey, Real Estate Pro in Brick, NJ
Sun Oct 11, 2009
Deborah Madey answered:
Hi Jennifer,

The debate on the dangers associated with high-tension wires is ongoing. It depends upon with whom you speak. Only your own research on the matter can determine your position. If you determine that you would consider a property near tension wires, determine what discount is appropriate for you in order to offset the negative impact of the location.

Absolutely, the same model house in a development will carry different values depending upon the location. Busy intersections, smaller lots, privacy levels, and high-tension wires are all features, which affect buyers and the amount, which they are wiling to pay. (This is a reason that online estimates of value are often incorrect. This type of data is nearly impossible to factor in an algorithm.)

If you proceed with a purchase of a property near high tension wires, you have the opportunity to gain price and terms advantage at the time of the purchase. Some day, when you become a seller, you must be prepared for a long selling cycle, and be willing to accept less than your neighbors will command for their similar properties. Whatever new information and studies about EMF unfold in the future may affect the marketability of your property in future, and that pendulum could swing in your favor or against it.

Deborah Madey - NJ Broker
Peninsula Realty Group
... more
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