People who have bought real estate, especially those who have had a number of transactions, are aware of the value of location. However, first time home buyers should be careful to choose a location that meets their needs, even if it means paying a little more. The NAR survey found that value of location is unique to the buyer interests. Homebuyers with growing families are likely to look for a neighborhood with proximity to work and schools. Retired homebuyers consider availability of shopping a higher priority, the survey shows.
Neighborhoods are key to the buyer when searching for a specific environment.
For example, neighborhoods surrounding elementary schools tend to attract families with young children. The neighborhood won't necessarily change, since families whose children are now grown find other locations more convenient, and are apt to sell, creating sufficient turnover for new families with younger children. Buyers who own two cars also tend to rank closeness to schools higher than nearby shopping, work and other factors, such as public transportation, churches and recreational facilities. It's important for potential buyers to examine what ranks high on their own lists of priorities before they begin the house-hunting process. In that way, they'll have a clear idea of what amenities and services are available in the community they want to join.