Location Location Location

In helping to determine value of a home we must consider the number 1-3 rules of real estate. Location Location Location. According to the NY Times this phrase has been in use since 1926. So what things negatively affect a location, a neighborhood? NAR (national Association of Realtors) did a study and determined the following items negatively bring down a home’s value. These things are not surprising, we know what they are. How they change values may surprise you. The top 5 are #5 Cemetery -12.3% #4 Homeless Shelter -12.7% #3 High Renter Concentration -13.8% #2 Strip Club -14.7% and the number 1 factor that has negative impact on your home value is A Bad School -22.2%

To read the complete article go to http://www.realtor.com/news/trends/things-that-affect-your-property-value/

A lower value does not mean a bad neighborhood.

To some folks these things are not negative. In Queens NY we lived near cemeteries all the time. Nice neighborhoods however no developer was looking to build the newest Trump Tower there. A lower value does not mean a bad neighborhood. Have you ever looked at a home and said if this was over there instead of here it would be worth so much more. Location Location Location

This brings up another quote that people don’t often say but truly mean, Not By Me. A new fill in the blank wants to open up and we hear great idea, we could use another one, just not in this neighborhood. Wouldn’t it be better over there? It’s not that people don’t understand the need for such services, they believe it will have a negative impact on their home and lifestyle. When a fast food chain builds in your back yard and smell from the grease scents your home or a parking lot hosts 18 wheelers waiting to unload with parking lot lights shining bright all night we may all go there however we don’t think, I’m glad this new place is not by me, until the next one is ready to open right in our own backyard. Then we go into full swing, jamming the City council meeting trying to fight off this newest development that dares to change our way of life. What were they thinking? How could they? Happy House Hunting, don’t forget, location location location. All the Best Richie Rich

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