By Natalie Tracy, February 12, 2020
Okay, it’s not a secret road, it’s a busy road. But the secret is that you might get A LOT more house for your money by buying on a busy street.
Why? Because your feeling that a busy street lowers the value of a house is 100% accurate.
So, then, why would you want to buy one? Because it might just get you a house and neighborhood you may not otherwise be able to afford. But if it lowers the value of the house, doesn’t that make it a bad investment? Not necessarily. Here’s the trick – make sure what you pay for the house reflects the busy street, and make sure the busy street is not so undesirable that resale will be an uphill battle.
Case in point – I recently worked with a lovely first time buyer couple with very specific ideas of what they wanted in a house and neighborhood. The challenge was that their budget didn’t quite match what they wanted. The solution? We found a fantastic house in the neighborhood they wanted, on a slightly busy street.
Notice I said slightly busy. Not a major thoroughfare that makes it impossible to enjoy your home, or to pull out of your driveway safely. If we had taken this same house and plunked it a block or two into the neighborhood, it would easily have sold for $25,000 more. By being willing to compromise on the street, they got the house and neighborhood they really wanted. And as evidence that the street alone did not make the house undesirable, their adorable home received multiple offers. With expert market knowledge and negotiation skills, I was able to guide them toward a competitive winning offer. But even still, I ensured the busy street was part of the property valuation – after all, it will come into play again when they sell the house.
Just like so many other aspects of home buying, it comes down to priorities. What will make you the happiest with your home purchase? If, like so many home buyers, your budget doesn’t quite fit everything you want in your ideal home, what are your flex points? Is a slightly busy street a consideration? Or would you rather a home that needs some work, or a house a little farther out?
Finding an agent you trust to guide you through the home buying process is key – are you looking for the right fit for your home search? Drop me a text or email, and let’s grab coffee!
Natalie Tracy
Broker | OR & WA
She/Her
I purchased my first Portland fixer 17 years ago, and was immediately hooked on Portland homes and neighborhoods. I bring that passion to helping my clients buy and sell their own perfectly Portland homes! I pride myself on meeting every client exactly where you are - whether you’re a first time buyer, a seller looking for more room, or anywhere in between, I’m here to help...
Read More
- T: 503-841-4686
- natalietracy@livingroomre.com
