Main street = tough sell??

Question

Hey guys!!

As i'm located overseas, everything I do is just after consultation with my local man. I have no other choice just because I'm not familiar with preferences of home owners/buyers.

There was few properties for fix'n'flip my man just sayed about: "It's a main street with a lot of traffic, would take a while to sell".

What do you guys think about? What are the local preferences about living on main street/side street?

Please tell me your opinion about, I'm kinda feel loosing nice deals.

Thanks to you all,

Alex Khodnev

Brian Pulaski · Answer

I agree with @J Scott that if the price is right, it will sell. I prefer avoiding main roads, but did not have issues selling the ones I have sold on main streets.

J Scott · Answer

Most detracting features of a property (including being on a main street) can be mitigated by pricing the property correctly.  As long as you correctly price in the negative aspect of the main street, you shouldn't have an issue selling.

Charlie MacPherson · Answer

When representing suburban buyers, that's one of the things I caution them about.  Traffic noise can be a real concern and more so in the times of the year when you might want to sleep with the windows open, and in addition to the noise, it will negatively effect the resale value

An easy way to see if the street is busy is Google Maps.  Wider streets tend to be busier.  Also look at the street view and look to see if there's a double yellow line.

In big cities, that's probably not a concern at all, but in the suburbs it will be - especially for families with little kids.

Sean Carroll · Answer

@Alex Khodnev I think they make better rentals then actual flips. People love to live in those places, especially millennials

but i also agree with @J Scott about pricing.

David Faulkner · Answer

I've actually done quite well over the years on multiple properties on main streets and close to freeways. The key initially is if it is priced appropriately, with a discount to compensate. The other thing for me is if there is naturally or I can create another feature(s) to compensate. I had a house near a freeway, but beyond the freeway were panoramic views of downtown ... it was priced under the same type of property with no views and no freeway ... the views were great so I thought it was a good trade. When I sold, the new buyers agreed. I also bought run down properties near busy streets. Fix them up with nice finishes and double pained windows, and suddenly they magically forget all about the traffic noise when they step inside. I would not personally buy where the front of the house was to a very busy street, where kids could get killed in traffic and you have to say a hail marry before exiting the driveway directly onto the busy street, but backing or siding to a busy street if priced properly and with other redeeming features has worked out well. Also, no go if it was near an onramp or stop sign/light where cars were constantly revving engines to accelerate ... steady traffic flow is much less intrusive.

Daniel Bryant · Answer

Hey Alex, Shalom!

Which area are you looking at (zip code). Also would be wise to compare prices w sold houses in said area.

On a side note, I keep hearing great things about a booming economy in Israel's RE.

Good luck!

Andrew Johnson · Answer

@Alex Khodnev Most of it, of course, is dependent on the geography.  It's a walkable neighborhood, near public transit, etc. you might find yourself hip urbanites who like the idea of living on main street, above a store, that whole "urban loft" feel.  But if you go to the main street of some suburbs you run into issues with parking, noise, potential vagrants, stumbling drunks from a bar at 2 a.m., etc.  And you have to knock families with kids (for the most part) out of the running completely.  Then there's the issue of the property itself, a 4 bedroom home on a main street probably has a much different prospect for renting or selling that 4-plex of 1-bedroom apartments.  You're just appealing to a different lifestyle and a different renter.

Alex Khodnev · Answer

Thanks for your input guys!

As a lot of opportunities I have right now are on main streets, I have to fugure out what should be the price drop in comparison to propertes located on side street.

Of course we talking about fully updated properties in owner move in condition.

What are your thoughts?

Ritch Bonisa · Answer

I agree.  Especially if it's a property where children would be living.  I see too many where it's even hard to get out of the driveway during peak traffic times.

Mike Sanford · Answer

When my wife and I were house shopping, we wouldn't even look at something in a main street due to noise and safety.

I'd pass on something on main street unless it was significantly discounted.

Main street = tough sell??

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