What’s behind a sale? Bob Nelson, Eugene real estate investment broker, with Pacwest Real Estates Investments, and Marcia Edwards, Eugene residential broker with Windermere Real Estate, break down the reasons why properties sell. They look at location in part 4 of this series.
Real estate is cyclical, so there will always be ebb and flow. We’ve had a robust seller’s market, which has not always been fun depending on where you sit in the marketplace. But almost regardless of the ebb and flow, location is a primary influencer.
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Location, Location, Location
Bob Nelson, Eugene Commercial Real Estate Investment Broker:
Obviously real estate is always fixed in location. If you purchase a property late in the evening simply because you like what you’ve seen on the inside, it closes that next morning, and then you realize it’s next to the garbage dump, you cannot dig up that property and move it somewhere else. Location is a primary consideration, because a property’s surroundings impact its perception among potential buyers.
During the selling process, it’s critical to keep in mind that what you appreciate or can tolerate in terms of location may not be the same for potential buyers. Even if you can tolerate a location next to the dump because for some reason you can’t smell it, the next person may not. So consider that in your pricing. Or if you are making an offer, you’ll want to have a little bit of a discount given to you so you can provide that at the time of sale without losing your margin. When you buy a property, you already have to be thinking ahead to resale, and location is a critical component in that consideration.
How Location Effects the Sale of Your Property is from Bob Nelson and Marcia Edwards “Real Estate Today ” Eugene, Oregon, radio show, which airs at 5:30 daily on KPNW.