The first rule of real estate has many connotations.
Can you name a ‘good location’ from a ‘bad location?’ If you can, then the next
Question is to ask if these 2 locations have anything in common? Do they have houses?
Families, schools, Stores and gas stations nearby?
If they do, then what is the reason for the
difference between the two? Was it something you heard from a friends or neighbor? something you read? stats you saw on the internet? school results? Was it a combination of all of these? Realtors cannot answer your question
of whether a house is in a ‘good’ or ‘bad’ location.
Many clients ask this question in hopes of having their beliefs confirmed.
However such generalizations are a matter of personal taste and perception; and it is unethical
for Realtors who are bound by a code of ethics, to steer customers to any particular
location. Instead agents can rely on the information in the multiple listing service to which they
subscribe (this is costly and you should ask your agent if they are a member). The MLS is a comprehensive database of listings featuring properties that go back many years. It is a historical
archive. Having this resource is a must for any agent who wants to provide the highest level of
service to their customer.
This blog is continued tomorrow……….please submit your comments to ‘good location’ vs ‘bad location’. I would love to hear from you. What are your perceptions from your experience?
Is this cliché true when it comes to REAL ESTATE??
Is it possible that different buyers will view the same property through different eyes. ??
There was this one bank owned house for example. It listed at below market and was attracting many buyers. These buyers were ready to buy and were pre- qualified for home loans with reputable lenders.
THE FIRST BUYER who happened to be a first time buyer commented on the condition of the home, the smell, the stained carpets, the patches and nail holes in the walls and such. This buyer noticed many of the cosmetic conditions of the home.
BUYER number 2, was an investor having owned several properties over the years. His view s very different from buyer 1. The investor did not care about the cosmetic conditions, but instead was more concerned about location, nearness to freeway, number of beds/baths and garage.
Furthermore, the investor was pleased about the dual pane windows, which let lots of light into the rooms. All the while thinking of his potential return on investment.
For this example, the outcome is easy to guess.
Whether you are first time buyer, seller or investor, work with a licensed real estate professional (with REALTOR designation). Your Realtor, will know the market well and can help you find a home for the price you want to pay. Also, beware of the news media, and other ‘friends and co-workers- who might give you incorrect advice.
Contact me if you are looking to buy or sell today. My expertise extends to homebuyers, home sellers and investors all over the bay area.
