Feb 28, 2008

How 'busy street proximity' affects value

Real estate appraisers agree that your home’s value is dramatically impacted if you live in close proximity to a major road.

D.W. Skelton, an authority on North Dallas values and one of the most respected appraisers in the city, recently gave a run down on how much your value is effected.
  • If you live on a busy street (Inwood Road, Preston Road, Walnut Hill, Forest Lane,…) where your only access to and from your home is via that busy street, the land value is gauged to be 50% lower.

  • If your property is on the corner of a busy street, but you have access from a side street, then the value is about 25% lower.

  • If your home is one house in from a busy street, the value decreases by 20%. Properties located 4 or 5 houses away from a busy street have no negative valuations due to location.

  • Keep in mind that we’re talking about land value, not the value of the entire home. For an accurate estimate of your home’s value, contact me for a Comparative Market Analysis of your property.

No comments: