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What Location Really Means to Homebuyers

Tuesday, August 11, 2009 posted by Tommi Crow

 

We’ve all heard the sage advise “Location, Location, Location” when it comes to successfully selecting a good piece of property.  But, what is truly important to buyers as they search for their ideal Location? 

Seller’s, the answer may surprise you!  It isn’t being near fancy restaurants, parks, churches or friends and family. 

The Top 5 Things Buyers Look for in a Great Location are:

  • #1 – Being Close to Work.  By far, the most popular choice among homebuyers when selecting a home to buy.
  • #2 – Splitting the Distance to Work between Spouses.  Runner up for most important factor in buying a home– an ideal location must be about half way between your job and mine.
  • #3 – Good Schools.  No Surprise Here, other than we thought it would be #1.  It’s Not.  Could it be that a lot of buyer’s don’t have kids?
  • #4 – Entertainment.  Convenience and having fun things to do nearby the home is still important to buyers.
  • #5 – Friends and Family.  It made the list, but certainly isn’t a major factor for buyer’s looking for a good location.

(In case you’re wondering, Safety wasn’t apart of the location poll, because staying alive and robbery free is important to all of us.  It is assumed that if you don’t feel safe, the commute time really doesn’t matter to you.)

Why does this information matter to home sellers???  This insight gets to the heart of what people will sacrifice for and what they will not.  It seems that the true hunt for location is not based on prestige or having nearby boutiques, its one that allows for a balance between life and work. 

Home Seller’s can profit from this knowledge by knowing their town, and by asking the buyers where they work and how they live.   Smart seller’s learn where nearby large employment area’s are.  They know the easiest, fastest or least traveled routes to major job centers and area’s of interest.  They know about the neighborhood school district and the drive time to school, if the buyer has children.  And, most importantly, they convey this information to the buyer, in the order of importance.

The Bottom Line is:  If you find a home that is in a good neighborhood and close to your job, you will usually end up finding all the other things that are important to you, too.  Now, show and sell.

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Today’s Article of Interest for Real Estate Lovers:  3 Reasons that Interest Rates will Stay Low.