As important as ever and in this type market even more important than in boom times. As old as the saying Location, Location, Location is; it is one of the most critical factors in todays real estate market.
There are parts of the country that have strong real estate markets right now and there parts of the country that prices have been slashed by 50% or more with massive foreclosures. Some areas seem to be especially strong such as many college towns. In my area Eugene prices have held steady even though days on market have increased.
This still holds true on the smaller scale such as areas of town, neighborhoods and even sections of neighborhoods. I live in Florence on the Central Oregon Coast and the real estate market has slowed here more than Eugene which is 60 miles away. But even here in Florence with a little slower market, location means everthing. The neighbohood I live in is newer homes and considered desirable, yet affordable for the type neighborhood it is and very few homes come on the market in this neighborhood and when they do they usually sell quickly. I just closed one last week that was on the market for 1 day. It was priced right in a great location. Had this same home been located in a different area of town it may have sat for months.
With buyers I have been working with this year one of the most important factors many of them express to me is that they want to make sure the home they purchase is at a price and in a location that if they had to sell in a year or two they would be able to without putting themselves in the position that so many sellers are in now.
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