Guide To Seattle Real Estate

I just finished a Competitive Market Analysis for a client.  They live next to a large construction project.  By large I mean a 6 story retail/condo complex.  The noise starts promptly at 7am and doesn’t end until 5pm.  How does this affect the price we set on their home?

Well it isn’t good.  Most often people are “now” centered. If it is noisy now it will be noisy later. They have a hard time seeing into the future and what it will be like when the noise is gone. 

But how do we judge by how much the price needs to change to entice a buyer to sign?  This is a difficult question, we could look and see how other construction sites have impacted home sales.  But most sites are different and it really depends on the buyer rather than the environment.  This is a challenge but not impossible. 

One method would be to peg the price at a level under the comparable competition, this would normally put the home in the first position to sell.  How much to peg the price lower is determined on the motivation of the seller.  The “discount” in price from the construction would have to be enough to feel like more of an advantage than the disadvantage of living next to the site.

Most important would be how the home is marketed.  We are going to have mockups of how the site will look when it is finished.  This way we can attempt to move the vision of the buyer to the future, when the project is completed.  If we can make a good enough case that the value of the home will increase once the project is completed, then the “discount” can be smaller.  How that case is made is all about presentation. 

This is going to be fun and challenging, what it is all about!