Real Estate Prediction #11: The final prediction for 2011…
The old mantra holds true…the 3 most important things in real estate are: location, location, location!
I felt that this was a fitting “final” prediction for this series. History tends to repeat itself, and there is a reason that this saying we’ve heard for so long became a popular phrase in the first place. It doesn’t matter where in the country you are…if you’re in the most desirable location in your market…you have had an easier time selling and have probably fared better than others in your market as far as equity loss goes.
There are neighborhoods in the Greater Seattle area that have lost 35-40% over the past 3 years. There are also some very desirable area’s that haven’t lost more than 10-15% in value. Tell me location doesn’t matter, and I’ll…well…let you think what you’d like…but you’d be wrong :-)
Homes in great locations don’t sit on the market for very long – it doesn’t matter how bad the market is. Homes in great locations can get away with more things being wrong with the house. Homes in great locations get offers closer to their asking price. The reason is that it’s not really all about the home…it’s about living a particular lifestyle…and you’re giving someone the opportunity to purchase that if you are selling a home in a GREAT location. Furnaces, roofs, and plumbing can be dealt with…but that view, proximity to the water, gorgeous piece of land, or wonderful neighborhood can’t be purchased just anywhere…and buyers will pay a premium for it.
Remember these words when you are purchasing your next home…because there will always be something hot, new thing people are trying to sell you on…and there will be always be some adaptation to the old saying…but don’t let anyone cheapen it:
If you are hoping to work with a professional that cares about the location of your next home in the Greater Seattle Area…give me a call at (425) 483-1010 or email at Ryan@BoardwalkSeattle.com!
Real Estate Broker | Realtor ®
Boardwalk Real Estate, LLC
Phone: (206) 930-7959 | Email: Ryan@BoardwalkSeattle.com
Providing professional real estate services throughout the Greater Seattle area.
North Seattle | Bothell | Lake Forest Park | Edmonds | Mill Creek
Filed under: Buying a Home, First Time Homebuyer, House Hunting, Marketing, Selling My Home | Tagged: Buying a Home, First Time Homebuyer, Home Values, House Hunting, Market Updates, Real Estate Predictions, Selling My Home |