The old adage, “Location, location, location” is something most people have heard before. Is it really as big of a deal, in today’s residential real estate market (2018)?
Real estate and home values are essentially dictated by the buyer, but is directly affected by SUPPLY and DEMAND! So as the supply is short and the demand is high, many times we find ourselves looking outside of our desired location to find suitable housing in our price range.
How will this effect my home search you ask? The answer is, you need to dig deeper into the area of interest and see if it is currently undergoing positive changes and within a reasonable commuting distance. Approximately 75% of homeowners are baby boomers and will be selling their homes soon, either to downsize or left in a will. Usually, these homes are in well established neighborhoods. Most of these home, unfortunately, will need renovating for today’s buyers to find suitable.
If you find a home that is in a great location, hire a great Realtor, make an educated offer and you will be happy you did. You can add instant equity in your new home by tackling some DIY projects. Hire a licensed contractor to help you renovate and put your own personal stamp on your new home.
So to recap, the old adage “Location, location, location” is really in the “eyes of the beholder”.
If you are a real estate investor it is 100% important to choose your investments using this old adage, but if you are buying a residential home, you might want to expand your search and look into areas and neighborhoods outside your desired search criteria. You will be happy you did!
Author: Celeste Carter-McAfee, Realtor