- Price of a home can change.
- Condition of a home can change.
- Location of a home cannot change.
This is why location is so important to the values of Real Estate. You might be searching for the perfect home in Steamboat Springs. It might be in your price range, might be the right size, have a master on the main level, be in great condition with spectacular views. But if it’s not in the right location, then some tough decision are in order.
It’s not often when buying real estate that you get everything you’re looking for. Seems more often then not, something about buying a home will be sacrificed. So when looking for real estate in Steamboat it’s best to keep a list of what’s important to you and prioritize them.
And even though the mantra of “location, location, location” has been chanted so many times that it is embedded in the psyche of nearly everyone, buyers often overlook the underlying principle that drives the value of real estate:
If more people WANT to live there for ANY reason, the property will cost more.
If more people DON’T want to live there, prices will be lower.
Even in a so-called “buyer’s market,” many people are looking for quality homes at fair prices. And competition for the best houses is intense.
So one has to either adjust their expectations or be willing to pay the market price for the property that they wish to make their home!
Location cannot be changed in real estate. So it is going be an important factor in the value of real estate.