Location, Timing and Price:  Real Estates Triumvirate.

All of these are almost equally important when we are putting a listing on the market, and they are also inter-dependent.

You have a house.  Let's say it's in great condition.  But what it will sell for will depend in large part upon where it's located and what the market is doing at the particular moment it goes onto the market.

Location has several elements.  Is the neighborhood thin at the elbows, or is it chic and trendy?  Is the house on a busy street?  Is the lot adjascent to a beautiful park or neighborhood garden?  Or does it back to a commercial property with a view of a parking lot?  Similar homes in the same area can sell for different prices if they are on more or less attractive lots.

And timing is also important.  It doesn't matter what your neighbor's home sold for on a good day in 2006.  It's important to understand what your market is doing at the very moment you plan to lst.

So yes, price is huge.  But it is tightly tied to the other two - location and timing.

 

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18 Comments on Location, Price and Timing: Real Estates Triumvirate

JUL
31
2011
326,649 Points 88 Featured Posts Called Shot Master

Amen Pat. You are right about the very moment comment. I can't tell you how many sellers need to hear this.
11:39pm • #1
107,513 Points 1 Featured Post Attended Rain Camp Called Shot Master

You said it all, Pat, Price is everything.  In this market these are the most important factors.  Very timely post.
11:42pm • #2
1,100,669 Points 202 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master
Hi Pat, Very well said. The adage of LLL should be officially replaced by PLT
11:52pm • #3
AUG
01
2011
1,595,722 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat

Sort of a complex chicken or egg question. Hard to say which counts more - depends on the egg, or the chicken.

Jeff
12:17am • #4
597,083 Points 110 Featured Posts Outside Blog Called Shot Master

You are so right! And price is the only element you can control. It's just hard for a lot of people to realize that the house that was "worth" a certain amount a few years ago has gone down instead of up.

Once upon a time that only happened in the stock market.
1:23am • #5
224,537 Points 4 Featured Posts Localism Sponsor Outside Blog

Pat:  Love the succinct way you put this vital info out there.  Well done!
1:38am • #6
619,719 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Pat

I totally agree. These are most definitely the key factors in a home sale/purchase. Nice of you to put it in perspective.

 
3:56am • #7
1,166,595 Points 158 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Well said Patricia.  And, I suppose it's more than just timing, but also timeline - how quickly do you need to sell?
6:36am • #8
995,995 Points 362 Featured Posts Attended Rain Camp Called Shot Master

Well done Miss P!  You mean that busy street has something to do with the price of my house?

How often have you heard that?
7:21am • #9
1,370,453 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat - yes, comps can  be a problem when you only have a few houses in the area that sold during the last 6 months. In this market you simply can't go back further with your comps, at least not down here!
8:16am • #10
1,178,168 Points 87 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat, I lived this post on Saturday. A listing presentation for a couple with a lot of equity in the home, but on a busy street. When asked to tell me the main reason for selling, the street was the reason, but when asked if they would price the home competitively to sell with the noisy street in mind, they balked.
8:57am • #11
612,274 Points 60 Featured Posts Outside Blog Called Shot Master

These three components are definitely important, Pat.  I would also add condition/presentation to the mix.  
10:15am • #12
794,263 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

 It doesn't matter what your neighbor's home sold for on a good day in 2006.

No truer words were ever spoken!
12:36pm • #13
351,984 Points 6 Featured Posts Called Shot Master

I totally agree..timing can be as close as selling between spring market and winter market.
1:33pm • #14
493,621 Points 47 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

No better advice, Pat. This is why it is important to hire someone who understands the shifts and timing of the market.
2:21pm • #15
430,540 Points 23 Featured Posts Outside Blog Called Shot Master

This is what it all comes down to, isn't it?  And if your timing & location aren't very good, the price better be right!
3:43pm • #16
AUG
02
2011
1,272,997 Points 2 Featured Posts Outside Blog Hit Router

Pat

I am seeing price being more of an objective than anything these days in my market
10:40pm • #17
AUG
15
2011
348,813 Points 14 Featured Posts Outside Blog Called Shot Master

Dear Pat -
Thanks for the PLT discussion.
As William Johnson (#3) says: It isn't just LLL anymore!
Have a happy day -
Lynn
9:03pm • #18

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Patricia Kennedy

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Pat Kennedy -- author of The Irreverent Guide to Real Estate -- gives you a look at life on the streets as a real estate broker in our nation's capital. And her blog is peppered with great advice combined with humor!


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