LOCATION – LOCATION – LOCATION

“Will YOU be spending $5 in gas to buy a $5 gallon of milk?”

In real estate, every cycle is different.
Every buyer or seller market is different.
And, every local real estate market is different.

It is time to revisit the ancient truism in real estate: Location – Location – Location.

As the economy shifts and as we recover from this economic disaster, will we be searching for and buying a home differently than in the past? Yes.

How we search for a home is changing rapidly and mainly through the internet but the process to buy a home will be the same except for more regulations. The search will be easier but the process to buy or sell more complex and arduous.

However, Location – Location – Location will stay the same but expanded to include different but relevant criteria. Some of the old criteria included:

Buy the lower priced home in the best neighborhood – most buyers make concessions on the location before they compromise on the characteristics of the home.

The same home with similar characteristics will increase or decrease in value due to its location.

Most homeowners compromise on the location but certainly understand a “bad” location, i.e. land fill, crime, flight path, subpar schools, etc.

Buyers should determine if the location is sustainable for them.


Evaluate each of the following categories by considering the following factors:
• Economic – will the home appreciate faster due to its location?
• Environmental – are there any environmental issues effecting your ability to use your land or does it devalue the property i.e. a flood plain?
• Social – is the location suitable for living, playing and shopping in one location?
• Energy – Is the energy source serving your home cost effective i.e. natural gas?
• Transportation – will it cost you $5 in gas to go buy a $5 gallon of milk? Are the transportation links adequate, maintained and efficient?

As real estate markets turn around, the location of your home will be more important than ever before.


LIVE – does the location provide a livable environment for raising a family and/or becoming active in the neighborhood or community? Is the orientation of the home or the landscaping around the home suited to conserve energy consumption in the home?

WORK – are there jobs close to where you live? Can you get to those jobs without driving long distances? Can you walk to work? Are the jobs stable and is the community thriving with sound economic policies? Is there public transportation available – rail, bus, carpool, etc. Will your home appreciate faster because of its location?

PLAY - Do you live to work or work to live? Are there recreation areas, open space, and cultural opportunities within walking distance or easy access by car?

SHOP - All types of shopping should be within easy access. The opportunities may be close but is the infrastructure adequate? Does local government maintain the roads and other infrastructure elements? Is there a mix of uses in one place so that “one stop shopping” is achieved?

When you find all or most of these characteristics in a location, BUY!
As we emerge from the “great recession”, our reaching for the American Dream should never change --- raising a family in a home of your choice in the best of locations.