Why real estate people often say: "Location, Location, Location"
Most people who are contemplating the purchase of a home have heard that the most important factors to consider in real estate are "location, location, location". Location is very important when choosing a home, but there's a lot more to consider in a real estate deal- that's why most buyers choose to hire licensed real estate agents. How important is location, anyway? According to a NAR (National Association of Realtors) survey, location aspects (such as distance to/from work, neighborhood, and access to shopping and other activities) ranked closely with affordability.
Those who have repeatedly bought and sold real estate are aware of the role that location plays, but first-time buyers should be careful to choose a location that fits their needs, even if it means paying more. A good deal found in a non-desirable location may seem like a true bargain, but it may be harder to resell. The NAR survey mentioned above says that location value is closely tied to buyer interest; home buyers with families are more likely to look for a home in a neighborhood closer to schools and workplaces. Retired home purchasers will make shopping availability a greater consideration.
The neighborhood is key to the buyer's search for a new home- for instance, a neighborhood that has an elementary school will likely attract young families. This doesn't change much as years go by, because families whose children are grown and gone will likely sell to other young families. Two-car families tend to rank school closeness more importantly than shopping, work and public transportation proximity. Before you buy, you should examine your priorities and have a good idea of what services and amenities are available in your chosen community.
A home's value can change after it is bought, but any change will be gradual and dependent on factors such as the home's age. More established neighborhoods tend to undergo gradual changes, and homes located near schools are usually a good investment because their value is closelly tied to an enduring factor. In some instances, a buyer may be willing to sacrifice that benefit if a larger home that's further away is more within budget.
