home on busy road

Asked by SS, California Mon Mar 7, 2011

we are running out of time to look for a home
and just saw a home on a busy road and now my partner is considering to make an offer out of desperation.
This home has very large SQFT but needs update
there is a big fountain and swimming pool etc to minimize the noise but when we are outside we till hear noise whenever motor cycles or big cars passing by. ( I am more sensitive with noise than my partner )
Compare to other similar condition homes on a quiet street , what % of discount should we expect?
we are getting very nervous that we still have not found the house and completely stressed out.

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14
Phil Rotondo, Agent, Melbourne, FL
Mon Mar 7, 2011
Good Afternoon SS;
1. Running out of time
2. Busy street
3. Needs update
4. More sensitive
5. Very nervous
6. Completely stressed out
In my opinion with all the above going on this is not the time to be considering this home. Pass and find another alternative...especially for your peace of mind.
Web Reference:  http://www.321property.com
1 vote
SS, Home Buyer, California
Tue Apr 5, 2011
Thank you so much for giving me a great advices.

Dear Heidi,
Thank you so much for remembering me.
We took your advice and did increase our target price.
Letting go of this home (w/ incurable defect) was the best thing we did.
Kindest regards,
SS
0 votes
Matt Pickett, Agent, Colorado Springs, CO
Tue Apr 5, 2011
Thats just it. Mostly you have to compromise on something with a home. Ask yourself if you can make it private by building a fence or some type of noise barrier. It may bring up property value as well as be the solution
Web Reference:  http://EveryListingNow.com
0 votes
Janis Calkins, , Ventura, CA
Tue Mar 8, 2011
The best measure for calculating discount for location within the market is by investigating sold properties of similar size in the same neighborhood, that are NOT on the busy street and have recently sold in the past 3-6 months. A good agent can help you analyze whether or not the current listing price for the home on the busy street is reasonable.
The bottom line for a busy location is that when you go to sell you will have a much smaller buyer interest group due to the location and it will ultimately be harder to sell your home. This forces the reduction in price to what a willing buyer is willing to pay for a home in this location.
. So if you have decided to move forward with the attempt to purchase this home, it is critical that you do not currently overpay for it. Most likely it is still available (if it has been on the market for awhile) because the price is still too high for the location.
Therefore, start with an offer that is pretty well under list (if there are no comparables available to analyze seek advice from your agent on how far under list to offer) and see what happens. Let the seller's agent and your agent then guide you as to what the seller might be willing to accept.
Hope this helps. IF you are able to wait for a home in a better location, it would be wise to do so in the long run.
Web Reference:  http://www.Janiscalkins.com
0 votes
Team Komar, Agent, Camarillo, CA
Tue Mar 8, 2011
Don't panic. You will always pay more for something in the long run if you panic. BUT, more importantly
your home will never sell as quickly down the road if you purchase on a busy street, no matter what
the listing agent on the home is telling you about the buffer pool, or what your telling yourself for that
manner.

I have found that a busy street is the Kiss of Death .....unfortunately. Avoid it at all costs, unless you
are prepared to take a hit on the otherside.

I feel your pain. Good luck, and
0 votes
Heidi Golff, Agent, Ventura, CA
Mon Mar 7, 2011
Is it possible for you to go up in price? If you can do that without compromising too much, then it may be the best thing to do. After all, this is your HOME, not just an investment. You may be surprised at how little it costs when broken down per month. If looking at this from both a home and investment perspective, then run, don't walk, from issues you see as a red flag to happiness. Your buyers will feel the same way when you sell. You have been looking for a long time and have had a bad experience in the past. I hope you have a good experienced Realtor this time who can wisely assist you. I wish you the best.....please let us know how it turns out for you because we really do care!
Web Reference:  http://Heidigolff.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Mar 7, 2011
Making any decision while in a panic mode is likely a dangerous scenario....Our recommendation is to seek measures to reduce the stress before moving forward....even if it requires a different and temporary housing plan.

Additinally, making a decision to buy property in a close proximity to busy highways, airports, railways, landfills, industrial areas etc. should not only be view from a safety & quality of liing standpoint but its impact on your investment when it comes time for YOU to sell. The reality is that the next buyers are going to entertain the same reservations that you are currently wrestling with.

Good luck,

Bill
0 votes
Donald Hendr…, Agent, Ventura, CA
Mon Mar 7, 2011
A few other things to think about. 1. excess dust and grime from tire particles and exhaust. 2. having to wait to get out of your drive way. 3. the danger to pets and children of possibly running out into the busy road. 4. possible stray vehicles running into you property. It is better to wait than to jump without a lot of thought. Deffinatly buy it cheap.
0 votes
Heidi Golff, Agent, Ventura, CA
Mon Mar 7, 2011
I agree with Barry, SS. it's better to give on something else such as square footage, (you can add on later), or something else than to accept a busy street if the noise is a nuisance to your nerves. You can change a lot of things about a house but you can't change location. Spring selling season is just starting. Inventory will rise; don't jump in haste; the right house WILL show up, and just in time!
0 votes
CJ Brasiel, Agent, San Jose, CA
Mon Mar 7, 2011
SS -

Consider the following links for information about living near Highways/Busy roads.

http://www.sciencedaily.com/releases/2010/05/100506141634.htm
http://laist.com/2010/02/15/los_angeles_residents_living_near.php

A busy road is considered an incurable defect for value/resale.

Exact amount depends on quite a bit and a local expert to Ventura County will be better to answer that one.

CJ
Web Reference:  http://www.TalkToCJ.com
0 votes
Don Tepper, Agent, Burke, VA
Mon Mar 7, 2011
I agree totally with Phil. Pass on the home.

One other point: It's not just that you ought to be considering a discount on such a property. Recognize that if you buy, and then try to sell, some folks won't consider buying no matter how cheaply you bought it for and no matter how cheaply you're pricing it. So your universe of potential buyers will be much smaller.

As a side note, my wife is very sensitive to noise. The "beep, beep, beep" of a truck backing up can drive her crazy. I'm less sensitive. But she'd never be able to live anywhere that there was the noise you're describing. So price can't cure all problems and you've got to at least have a shot at being satisfied with the environment around any place you live.

Hope that helps.
0 votes
Jane Grant, Agent, Aguanga, CA
Mon Mar 7, 2011
SS: Trying to make a decision on purchasing a home when you are in such a hurry is just not wise. Home buying takes time and since it's most likely the largest purchase you will make if you are questioning the home that much you may want to wait until you and your partner are both in agreement and find a home that is more compatible with you lifestyle. Ongoing noise is very annoying if you are "Noise Sensitive".
0 votes
Barry Shapiro, Agent, Camarillo, CA
Mon Mar 7, 2011
Hello SS,
If you are running out of time because you lease is up soon, simply ask your landlord to extend it for you on a month-to-month basis. Why would you even consider buying a house on a busy street, when there is so much inventory available? In the event you should want or need to sell this house in the future, plan on drastic discounts and long days on market during the process. If this is a partner, they should understand that you are buying a HOME together, not just a HOUSE. A home is where you have family memories -- Memories of traffic noises are not typically considered as desirable. Pass on this house, and go find a HOME!
0 votes
Sally Grenier, Agent, Boulder, CO
Mon Mar 7, 2011
Everything depends on how well it's priced to begin with. Without knowing the specifics it's hard to say. Is it possible they are already priced to reflect the busy road? What does your Realtor say?

Why are you "running out of time"? As we get closer to spring, there are going to be more and more houses coming on the market. Don't settle for something you're not thrilled about just because you feel the need to buy something now. Good luck!
Web Reference:  http://www.sallygrenier.com
0 votes
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