If you were to scroll through available homes for sale in Columbia or surrounding regions, you would no doubt come across the phrase ” prime location” in one or more listings online. When a house is in a prime location, a seller can list it for a higher price. What exactly does it mean to be a prime location, however?
If you are considering putting your house on the market for sale, how do you know if it is in a prime location? While there aren’t any rules or set policies on the topic, there are definitely several standards that are widely accepted in the real estate industry with regard to labeling a particular location in this way.
Low crime rates are a selling point
No buyer wants to pay top dollar for a house that is in the heart of a crime-ridden neighborhood. Therefore, if a particular area is known for having a very low crime rate, this would be a selling point and would constitute a prime location.
Other ”lows” that make a location attractive, include low taxes, low traffic and low noise. If you are selling a house in a neighborhood that qualifies with these characteristics, you might be in a prime location.
Are the schools in the area top-rated?
When parents of school-aged children are in the market for a new home, one of the first questions they often ask their real estate agents is whether there are quality schools nearby. If a school is within walking distance or an easy drive away from a top-ranking school, the area is eligible for ”prime location status.”
Have other houses sold in the area for competitive prices?
If a number of houses in the area have been hot-sellers on the market in recent months, this boosts a neighborhood to a prime location. This is known as comp sales. If houses are going like hot cakes in the same area, a homeowner can use that information to market his or her home for sale.
If a seller can boast all of the attributes mentioned in this post, then he or she should have no trouble adding ” prime location” as a descriptive phrase in online listings and advertising for a home.
Make sure your location is prime before advertising
When a house is in a prime location, a seller can ask for a top-level purchase price. For many buyers, location is everything. Location, location, location! If you are selling a house, what you want to avoid is misrepresenting a home for sale. For instance, if you list it as being in pristine condition and buyers arriving for showings see that the gutters are falling off, they are not likely going to make an offer.
In a similar way, if you plan to advertise that your house for sale is in a prime location, you will first want to discuss the issue with an experienced real estate agent who can consider all factors and recommend whether adding the phrase to online listings for the home is a good idea.