Location is the Standard for Real Estate Value

Location, location, location has always been the key to establishing value and sale-ability in the marketplace. Location is about ‘local’ issues right down to the very home’s neighborhood, location, and setting. If you are where people want to be, for whatever reasons, you will sell it for more money and quicker. Right now urban living is in vogue, is green, is less expensive for commuting, and is convenient to restaurants and great shopping, etc. Guess what? The Pearl District in Portland is expensive and yet it sells well! Walking distance to McMinnville’s down town or convenience to a select school gets a better price. A quiet cul-de-sac sells easier than a home on a busy feeder street. Highway visibility for a commercial space is more expensive than on secondary streets even if the buildings are more attractive. On the other hand a home next to the highway is in trouble in the same way that a home near airport noise suffers. You will have greater challenges on a gravel road, in areas with no cell reception, next door to a dilapidated home, or near a smelly business. These are difficult to sell; therefore, the property has to adjust pricing to move it.