The following contribution comes from Fonville Morisey Agent, Maureen Williams, out of our FM Lochmere Sales Office. Thank you for sharing your insights, Maureen!
If you’ve ever thought about buying a house, or even just paid attention to the media, you’ve probably heard it’s all about:
1. Location
2. Location
3. Location
That’s not the truth. Well, not the whole truth. In reality it is more likely:
1. Location
2. Condition
3. Price.
As a REALTOR® in the Triangle region of North Carolina servicing Cary and surrounding areas, this is something I discuss with my clients all the time. Each means something different to everyone. Let’s explore them one at a time.
Location
Of course, it is reasonable that a good location is important. But what constitutes a “good location”? It means different things to different people. To one person, it might be a house in a desirable school system. To another, a home near their place of employment. To someone else, it might mean easy access to major highways to get to work, school, or shopping.
Condition
Next, let’s tackle “condition.” An updated property (or one that seems to have been well-maintained) could make a house in an undesirable location look more appealing. Think about a house that has a remodeled kitchen and a new roof. A buyer might have those two elements on their wish list. Whereas, a home that has not been well-maintained, but is a great option for the DIY-er (and is in a great location) might be more suited for a different kind of buyer. You see? It’s all relative.
Price
Lastly, think about “price” with respect to location and condition, specifically. Price is the one thing that can overcome a bad location and poor condition. Think about it … if the price is right, might you consider a less than ideal property? I bet you might. For a low enough price, any property has the potential to be sold. How low the price needs to be is the question that will ultimately help the buyer weigh the options for him or herself when factoring in the other variables above as well.
In future articles I will address resale value of a home and improving the odds of selling your home in the future.
If you recently bought your home, how did you use the three categories above to weigh in your decision to purchase it? We’d love to hear about it. Leave a comment below!
Images courtesy of Maureen Williams. Copyright 2012. All Rights Reserved.
