LitaWrites (real_lawyer) wrote,
LitaWrites
real_lawyer

What happened to LOCATION, LOCATION, LOCATION?

I just spoke to a potential client who is looking to buy a home “so long as the price is under $400,000 and the taxes are under $8,000”. Schools don’t matter and her requirements for three bedrooms and two baths are pretty easy to fulfill.

So there’s definitely a new breed of buyers out there, who are setting aside the old adage of “location, location, location”. These buyers are looking primarily at price.

I wonder how this will affect the market in the long term? If my practice is any indication of the market in general, about 40% of my clients are single persons, not married or recently divorced, or couples without families. Will locations with very high school taxes, which real estate agents and school administrators praise as the desireable areas because of the quality of the schools, find themselves the least attractive area to perhaps 40% of the potential home buyers?

Definitely food for thought on a dreary Monday morning.
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