By Monte Mohr
What Does 'Location, Location, Location' Really Mean?
For years the real estate industry has followed the mantra location, location, location. And while many people repeat that phrase as an accepted standard, they have never really stopped to contemplate its full significance; what exactly does it mean?
For buyers and sellers alike, the idea of location, location, location is simple – where a home is located is the chief factor in its value – both now and in the future. In other words, identical homes could increase or decrease in value simply based on their location.
Buyers should never overlook this fundamental real estate rule. Never buy the right house if it’s in the wrong location. Why? You can update it, remodel it, add onto it or change its structure – but you can’t move it. This becomes critically important when the time comes to sell the home.
One way to adhere to this mantra is to always buy with selling in mind. Be thinking of re-sale when you purchase; what are the obstacles you would be faced with if forced to sell at a later time? If you’ve chosen a property in a prime location, your list of obstacles is dramatically shorter. So what constitutes a prime location versus a less than desirable one?
Top-Rated School Districts: This factor alone is enough to be a “deal breaker” for many families; do not underestimate the value of purchasing a home in a highly admired school district. Through real estate websites like Zillow you can now search for a home within a specific school district.
Panoramic Views: Houses will hold their value if they are situated on land that provides scenic panoramic views of water features such as lakes, rivers or oceans. The same is true for homes that look out over nature preserves or parks. The demand for tranquil and private settings never fades.
Well-Established Neighborhoods: Vibrant, thriving neighborhoods that have withstood the ups and downs of the housing market will have people gravitating towards them. These communities are appealing because there is an obvious “pride of ownership.” Residents share aligned personal values, which offers a sense of comfort. And typically speaking, the vast majority of houses in this type of neighborhood are similar in age and construction style which appeals to most buyers.
High Crime Areas: Let’s state the obvious … people want to feel safe. Do a little research with law enforcement to find out if crime is a problem in the area.
Corner Lots: Most buyers shy away from corner lots because they typically deal with much higher traffic volume. And similarly, it’s pretty tough to sell a home that sits all by itself perched atop a hill.
Unlikely Surroundings: Houses that are located next to industrial parks, commercial zoning, railroad tracks, airport flight paths and interstates are not appealing to most buyers. Nor are homes that sit near landfills, graveyards or other such places.
Monte Mohr has sold more than 2,500 homes, making him one of America’s top Realtors for the last 25 years. This experience has given him a unique perspective on the Nashville real estate market where he can be found at www.tennesseedreamhomes.com. He is also a regular contributor of real estate information to Nashville’s NBC affiliate station, WSMV Channel 4. To learn more about Monte Mohr’s experience as a real estate agent, to get free advice about your biggest real estate challenges or to request an interview, contact him at Info@TennesseeDreamHomes.com.
First Published October 14, 2013 4:33 AM