Janis Peterson, GRI, ABR, CSP Realtor®
Philadelphia Main Line Homes and Real Estate
Montgomery, Delaware, and Chester Counties
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Location! Location! Location!
There's an adage in real estate that says the three most important considerations when buying property are (1) location (2) location and, of course, (3) location. In other words, buy something in the right location and you can't miss. It will not only provide shelter, but steady appreciation as well.
In fact, if you examine the cost of a particular piece of property, you will find the prime driver behind the price is usually the location and its desirability. In other words, the better the location, the greater the demand, and the higher the price.
Some of the "drivers" that create desirable locations are easily seen. Take, for instance, Beverly Hills vs. Los Angeles. Or Greenwich vs. Hartford or New Haven (CT). All have desirable areas, but the Beverly Hills/Greenwich name adds demand to the location and, of course, a higher price. Virtually every city has locations that are prestigious, usually because of the reputation of the area, and what consumers have been conditioned to expect in them.
Not all "drivers" are as obvious as the community's name. There are others -- schools, for instance. How good is the district? What is its reputation? Transportation is another. Is it readily available? Convenient? How about cultural activities? Are there many? If so, how close is the property to the cultural venue(s)?
Check other things, too. How quickly are homes moving (selling)? Are there areas within the community that are slow to sell? If so, why? What about prices? Have they been appreciating? What percentage? How does appreciation in the past three years compare to the past five or six? How does this compare to nearby or adjacent tracts? And, of course, check the nearby vacant land (if any). What's planned?
The answers to these questions take research, however; in many cases a local real estate broker can provide assistance. Regardless of what techniques a buyer utilizes, the time put in is well worth it. Those extra hours may mean the difference between a good investment and a great one.
"Real Service in Real Estate." For a personal consultation on buying or selling real estate, Janis Peterson, GRI, ABR, CSP Realtor® can be reached at (610) 642-3744, e-mail: firstname.lastname@example.org. Prudential Fox & Roach Realtors® is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc.
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