House on Busy Street: What percentage reduction

[Anonymous]

So, if a house is located on a busy street, by what percentage would you reduce the price. Example, similiar homes sell for $500,000 in the same neighborhood, would you reduce the price by 10 percent equaling $450? What if the street is only busy during the morning commute?

[Anonymous]

I would say 20k at least. Depends on how busy the street.

[Anonymous]

Anonymous wrote:So, if a house is located on a busy street, by what percentage would you reduce the price. Example, similiar homes sell for $500,000 in the same neighborhood, would you reduce the price by 10 percent equaling $450? What if the street is only busy during the morning commute?

Opinions on this vary. But 10% seems to be the middle range. I've seen people say as low as 5% and as high as 20% less.

When we had our house appraised, both appraisers said there really isn't one. But I find that hard to believe (we live on North Glebe, up near Chain Bridge Road. It's a four-lane, with median, but actually not very busy so who knows).

[Anonymous]

Our house is not on, but abuts a street that is pretty busy during commuting hours (so there is some road noise during those hours). No deduction was taken for purpose of an appraisal. I would guestimate our house was priced between 5 and 10 percent less than it would have been if it was on a more interior street.

[Anonymous]

To me it would depend on how much of the acreage is in the front yard vs back.

[Anonymous]

Anonymous wrote:To me it would depend on how much of the acreage is in the front yard vs back.

You mean a house on a busy street that's set back from the road due to a large front yard (but less back yard) would be more acceptable to you? If so, I guess that makes sense.

[Anonymous]

There's a lot of things I'd consider. How wide is the road? Are there parking lanes? (very helpful if you want to have company over.) How far back are you from the road? Would you have to back out into traffic? Would you be able to go in any direction, or are you limited by medians and such from turning East/West/whatever? How busy is that particular segment of road? How high is the speed limit, and are people coming off of a highway and maybe still speeding? Are there sidewalks? Are you right at an intersection with traffic lights where cars would be idling all the time? How many bus lines pass by, and how often?

So I'd be looking at these factors.

[Anonymous]

A good chunk. For me, that's pretty much a deal breaker.

[Anonymous]

If it's set back [still with large backyard] and fully fenced & gated, probably around 400, otherwise 300.

[Anonymous]

It depends, an Appraisal may boost it because of easy access to main roads.

[Anonymous]

Anonymous wrote:If it's set back [still with large backyard] and fully fenced & gated, probably around 400, otherwise 300.

No, under those circumstances, more likely $475k.

$425k-$450k if right on the road without a fence.

No house is going to take a 40% hit like that in the DC metro area. There are just too many houses on busy roads. It's an urban area.

[Anonymous]

Our house is on a busy street (double yellow line, 4 lanes of traffic, but 30 MPH speed limit that is aggressively enforced). The tax assessors and the appraisers deduct very little for the busy street. Like 10k or so.
That being said, from watching other houses on the same street sell, I would say it does not reduce the price much, but it does mean they tend to sit on the market longer b/c there is a smaller pool of buyers who want to buy on the street.

[Anonymous]

Anonymous wrote:A good chunk. For me, that's pretty much a deal breaker.

+1

Deal breaker

[Anonymous]

[quote=Anonymous][quote=Anonymous]If it's set back [still with large backyard] and fully fenced & gated, probably around 400, otherwise 300.[/quote]

No, under those circumstances, more likely $475k.

$425k-$450k if right on the road without a fence.

No house is going to take a 40% hit like that in the DC metro area. There are just too many houses on busy roads. It's an urban area.[/quote]

That's not enough of a discount for me, PP, but all you need is one willing buyer--maybe a retired couple. Families want to be able to ride bikes on the street.

[Anonymous]

[quote=Anonymous][quote=Anonymous][quote=Anonymous]If it's set back [still with large backyard] and fully fenced & gated, probably around 400, otherwise 300.[/quote]

No, under those circumstances, more likely $475k.

$425k-$450k if right on the road without a fence.

No house is going to take a 40% hit like that in the DC metro area. There are just too many houses on busy roads. It's an urban area.[/quote]

That's not enough of a discount for me, PP, but all you need is one willing buyer--maybe a retired couple. Families want to be able to ride bikes on the street.[/quote]


People buy houses (or don't buy houses) for all sorts of reasons. Busy road may turn off a few, probably doesn't matter to most. Just like other attributes. A house on a busy road in the 22207 school systems are going to sell just fine, even to a family that wants to ride bikes in the street. A busy road house in Alexandria might be tougher.