House is butting major highway 495?? Is there issues selling the house in future?? How much price reduction?

Asked by Dimple, Woburn, MA Mon Jun 9, 2008

should be reasonable?? House in chelmsford area

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Kevin Vitali, Agent, Tewksbury, MA
Thu Mar 8, 2012
Location is everything when it comes to real estate. If you buy it right then you will not have a problem selling it. Close proximity to a major highway will effect the value of the home compared to similar properties. There should be a discount when you buy so the discount can be passed on when you sell.

Ideally, most people want a home in a quiet neighborhood at the end of the culdesac. But say typically that house is $500,000 then one located close to the highway should be discounted at least 15% and maybe more.
1 vote
John Savigna…, Agent, Hopkinton, MA
Mon Jun 9, 2008
location, location, location!!!
of course there is a noise issue and yes ther e will be issues selling in the fiture, as there are now.
But price relative to issues overcomes all objections. in other words if a similar house in a location with no hiway issues would be 10% more, than its more attractive.

John
1 vote
Tim Page, , 99037
Mon Apr 16, 2012
Homes next to highways will, usually, always be an issue. For refinancing, what I’ve found is that home prices will fluctuate more when they are located next to major highways, so your home value will be higher or lower depending on the available comps in your area at the time of the appraisal. Now for selling the home, it will usually take you longer to sell. Most homes that offer some sort of freeway location or busy street location will usually be much nicer than many of the homes in many areas.
This is because the homes that offer a poor location have to make it up, such as larger outbuilding, larger lot, nicer kitchen and bathrooms, etc. Personally, I’d go with the location first. If you buy a home in a poor location, you can never change this. If you buy a home is a good location, but the homes needs updating, you can update the home as you get the money. Especially if the home does not offer larger lot size that is useable, larger outbuilding or garage count, has been updated extensively with new roof, heating, cooling, windows, kitchen and bathrooms. Think big ticket items, too. Not a few flowers outside or new door knobs.
0 votes
Territory.c…, Agent, MA,
Thu Mar 8, 2012
Yes, a home located on a busy street or next to a highway will be tough to sell in the future. Unfortunately these are things you can never change about the property. Make sure you take that into account when determining value / making an offer and above all make sure you hire an exclusive buyer broker.

Good luck!
Web Reference:  http://territory.com
0 votes
Joseph Ready, Agent, Chelmsford, MA
Tue Mar 6, 2012
It depends on where the house is. It certainly will limit the buyer pool, which ultimately can lower the price, but there are streets in Chelmsford that are not as affected because the highway is in the back section of their property. If it's out of sight and out of mind than it may not have the same impact as a home that has highway views.
Web Reference:  http://www.readyre.com
0 votes
Irena, , Newton, MA
Mon Aug 23, 2010
Depends on the current pricing. I am positive that the listing agent considered the location when determining the price. Also You are looking into Chelmsford where most people want quiet and yard, so yes it will affect resale value. Whatever bothers you about the home now it will be a roadblock for the next buyer. It might take longer to sell but it will eventually.
0 votes
Tom and Joan…, Agent, Boston, MA
Sun Aug 22, 2010
Dimple:

I agree with John that you would be looking at 5-10% adjustment on the home to compensate for location. The location matters, but highway noise does become "white" noise in time and can be dealt with. I would buy a home near a highway if it fit my needs. Best.
0 votes
Butch Zindel, Agent, Washington, VA
Thu Aug 19, 2010
Even if you get a great deal, you still have to live with the noise, and it's going to be difficult to sell unless you offer a great deal to get rid of it. Why bother? In this market you should be able to find something you are financially comfortable with that you can enjoy and reap the appreciation later. I'm of the opinion that great deal won't seem so great after living with the noise a while.
0 votes
Territory.c…, Agent, MA,
Tue Jun 10, 2008
The highway is never going anywhere hence it will always be an issue during resale. In this market you should be able to get a good deal on the property.
Web Reference:  http://www.territoryre.com
0 votes
Michael Lefe…, Agent, Westborough, MA
Mon Jun 9, 2008
Dimple,
Although Chelmsford is a desirable area, any time your property abuts a major highway like 495 and comes with increased noise influence, you're going to see it reflected in the overall market value. As an appraiser when I'm appraising a home that abuts either a highway or active rail tracks (or MBTA) I need to show the lender another home that sold with similar noise influence. So although there isn't a standard % reduction for homes near highways and trains, understand that YES, there will be an impact on value in the future. Look for homes, even in different but comparable communities, that have sold and see what they sold for in comparison to a similar home that ISN'T near the highway. Good luck, and hope that helps.
-Mike
0 votes
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