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This post was inspired by Richard Weisser's recent feature 
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24 Comments on The 3 Constants in Real Estate: Condition, Location and Price
Such great advice. You can't do a darn thing about the location, but you can do new paint, carpet, appliances and a ton of other stuff to the interior of a home. Buy location.
Featured in the group: BARTENDER, MAKE IT A DOUBLE.
I advise my buyers to try and find the worst house in the best neighborhood. It gives them a chance to build their equity.
Hi Jane . . . yes, the perfect storm would price it out of the realm, more then likely.
Hey Kathy -- absolutely
Hi Nancy . . . great deal!
Hey Dawn -- thanks.
Hi Chris Ann . . . thanks for the feature and yes location is a good re-sell point in the future as well.
Hey Cindy -- well stated
Carla, Congratulations on the well deserved feature. Good advice for buyers.
I wish more buyers and sellers would understand this simple equation. The best investment most buyers will make is getting a bad house in a great location. They get a deal and benefit from the premium location down the line.
This reminds me of something I once heard: "There's nothing so wrong with a property that price can't fix".
Carla, this is such important advice it just can't be repeated enough! So often buyers are discouraged by (relatively) easily fixed condition and walk away from a property located just where they want to be. I really think that's where real estate professionals can assist the most - ensuring an objective viewpoint of the properties. Love the phrase: "buy location" - great post!
This is sure true for lake properties. People get the view and water depth they want, but sometimes the house leaves a lot to be desired. But you can always change the house, not the place on the lake.
Good Post Carla. Location is always the priority, and if it's priced properly, the ocndition can always be fixed, even to extremes for some. Last year Tiger Woods ex wife paid milions for a house then had it torn down so that she could build what she wanted on the lot. Not everyone has that kind of extra money however
Pretty simple...price for condition, price for location, price for market. Once all three are considered the list price should bring at least a "lets talk" offer.
I am about to list one in a GREAT location at a GREAT price but not so good condition.
Carla...
How right you are! Either one of these factors can override a deficiency in one of the others. I think that pristine condition wins over a lot of buyers, even if it's not exactly where they want to be.
As long as the price is right, that is!
This post is spot on and thank you so kindly for the mention!
Carla, this is very true. You can always fix up a property in a good location, but you can't change those high tension power lines in your back yard. Economic obsolescence will always bring down home values.
Hi Carla, it is funny how this is the first thing I learned about real estate, a long time ago, in a far away galaxy... and it still hold true today! Great post.!
Carla - Great advice! Buying a home "right" in a good location is always good advice and equity will follow. Have a wonderful Mothers Day!
In our granite kitchen and marble bath obsessed world, this is a very hard sell to buyers. Right now they seem to want it ALL. What they don't understand is that in almost 99% of all cases, they can't afford it ALL. I have yet to work with a buyer who didn't want more than they could afford. That's human nature. The ones that won't "settle" never buy. If I start getting the "I don't want to settle for less" line with a buyer who is not stunningly realistic, I get worried that we may be headed for a brick wall. I try to have a "come to Jesus" talk - if that doesn't work, I often have to cut them loose. Some people will never understand reality and look under every rock for that "one last bargain."
The last comment about looking under the last rock for the "bargain". Many buyers are like this now. The market is really picking up in Jacksonville and they are missing some good deals wiating on the one "over the top" deal.
In the mean time the market keeps going back up and will not wait for all these buyers that want the perfect deal for them.
Once all these fence sitters start buying the market will take off again.
Hi Gita . . . thanks.
Hey Bryan -- and with you working in those higher end areas, I'm sure you can spot a good diamond in the rough!
Hi Marie . . . and buyers should be able to fix things too, if they want a deal.
Hey Karen -- it happens with these savvy buyers {rolling eyes}
Hi Tammy . . . very true! Can't change "where is" but one can change "as is"
Hey Ed -- LOL
Hi Pat . . . thanks for summing it up nicely.
Hey Gary -- hey, I haven't seen you for a while. Thanks for the comment and pretty much says it all
Hi Angelica . . . and the savvy buyer will see this as a nice opportunity to create some sweat equity
Hey Richard -- thanks for the inspiration!!
Hi Michael . . . and you know, those houses can work for people too. If their budget can only buy near the high-tension wires, it's what they can get. Now in that case, the house should be pristine, IMHO!
Hey Sandy -- thanks for sharing that, and it stands the test of time!!
Hi Jan . . . you too!!
Hey Ruthmarie -- thanks for your comments, which really round out the post. To those who don't quite seem to get it, one can only thank them for wasting our time and wish them "Happy renting"
Hi Keith . . . tjhe post wasn't about fence sitters, bargain hunters or the market picking up . . . LOL