Location...it's the golden rule of Real Estate. It's been around forever and it still holds true today more than ever. In good times (like we've had the past decade) where prices are increasing year over year everything sells with ease. Busy street?... no problem. Under a bridge?...no problem. Beside a bus loop?...SOLD! But when markets start to slow and we get into a buyers market with plenty of competing properties, if your home is not in a desirable location you're going to take a hit in price!. Driving around Vancouver and Richmond these days I can't help but notice the poor locations of some of the new condo developments that are currently under construction. I guess it should be no surprise we have been building condos at a very rapid pace the past 15 years and there are only so many grade A locations available. I would argue we ran out of Grade A locations many years ago and the B locations have pretty much been developed as well. So what are we left with now? On top of a bridge or exit ramp, in an industrial area, beside a bus transfer station. Being close to skytrain is great but do you really want to be 15 feet from the tracks? Before you put an offer in on that new home consider the location and ask yourself ..."If we get into a buyers market and I want to sell will there be a good pool of potential buyers who might be interested in buying in this location?" If you're not sure give me a call and I will tell you. It might save you a lot of $ and frustration down the road. Always keep in mind the golden rule of Real Estate.
This entry was posted on July 17th, 2012 by Owen Bigland | Posted in Video Blog