For homes that are 2nd one in from a busy street (45mph), how much price break (%) is reasonable?

Asked by Ag, Princeton Junction, NJ Fri Oct 22, 2010

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Anna M Brocco, Agent, Williston Park, NY
Fri Oct 22, 2010
What is your agent suggesting--there are no set standards as to how low one can offer--you need to be aware of recently sold similar properties in the immediate area--see what the data suggests as to a fair offer and go from there.
2 votes
Dan Tabit, Agent, Issaquah, WA
Fri Oct 22, 2010
Ag,
There are no set standards that I am aware of. Whenever there are issues regarding a home due to location, you should expect to get a break on price from the exact home which does not share the issue. Just bear in mind that when you sell the home some day in the future you'll have to pass along a similar price break to that buyer.
1 vote
Jennifer Bla…, Agent, Basking Ridge, NJ
Fri Oct 22, 2010
I agree with Anna, there are too many variables for any of us to answer. How does the house compare with recent sales in the community?
1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Thu Oct 28, 2010
Hi AG, sounds to me as though you have come to your own conclusion wiht the help of the responses. I would just add that while being on a busy road negatively affects value and time to sell, two houses in from the road wouldn't necessarily be discounted. Best to approach any home purchase with a sound pricing analysis for the particular property under consideration - and use comps as closely aligned to that property as you can. Certain locations can create discounts to others - on a busy road, proximity to power line - or premiums - nestled at end of quiet cul de sac.

I just spent some time in the Plainsboro, West Windsor, Princeton Junction area previewing homes for a client of mine and over half of the homes had one "consideraton" or another - power lines, backing to school grounds, close to busy road. In densely populated areas, these considerations are not uncommon - we've got more and more people, and less and less land to develop.

Keep looking, and I suggest work with an agent that you trust to guide/assist you with the pricing evaluation.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Ag, Home Buyer, Princeton Junction, NJ
Wed Oct 27, 2010
Thanks all for the answers. I've come to the conclusion of not buying this house. Like many of you said, the discount will have to be priced in at the time of the sale. So, there is really no point getting a house with less than ideal location. After all, it's a discount on an undesirable feature, not a deal.
Thanks.
0 votes
I Lee Dickst…, Agent, Yardley, PA
Wed Oct 27, 2010
Ag, I am a buyer’s broker/consultant/appraiser, feel free to call me. I will look at the property supply you with the comparables, the adjustments, and help you calculate the % you seek. 30 Years experience is at you service. 609-737-2447 I am local to Princeton Jnt.
Lee
0 votes
Nicholas Tuk…, Agent, Colts Neck, NJ
Mon Oct 25, 2010
I agree with others below, there are many factors that will go into shaping your offer, and comparative market analysis is a great way to gauge the local market.

I also will say that your description of the location is probably going to have little effect on market value. If you like the house and you have the recent comparable sales from the neighborhood, that's all you need to determine how much is a fair offer.
0 votes
Mary Petti, Agent, Edison, NJ
Sat Oct 23, 2010
AG,

this question gets asked 100's of times by buyers. Bottom line, there is no set % off you can offer on a house. If the listing agent did a proper comparable market analysis before listing the house, then it should be priced accordingly (based on size, location etc).
You too should have an agent who can do the comparables for you and you base your offer on "fair market price", not a % off.
0 votes
Kim Tokar, Agent, Langhorne, PA
Sat Oct 23, 2010
What road is it? Normally there are no discounts.
Let me know, Joel@kandjhomes.com
Web Reference:  http://www.kandjhomes.com
0 votes
Monir Mamoun, Agent, Denville, NJ
Fri Oct 22, 2010
If you think about it, the only real reason this would make a big difference is if there were a huge drop in speed between the 45 mph road and the other road. But there is no rule of thumb for this specific factor. You could argue a couple of percent for the sake of negotiation. Really though it would be based on comparable sales, which might be a very sparse data set!
0 votes
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