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Location, Location, Location

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Categories: Human nature; Commerce and business

Word count/read time: 371 words; 1-1/2 minutes

I figure it's time for me to write about something of which I have no knowledge: real estate. After all, there are plenty of self-proclaimed experts and influencers displaying what I'll call the expert-by-proxy syndrome, whereby someone is granted an honorary PhD because they have many followers.

As if. Being a rational animal means certain things should go without saying, like keeping quiet - or at least trying to sound intelligent - when you are clueless about the subject. Just because my best friend's parents were real estate agents still makes me a nobody.

Surely I can repeat the time-honored phrase with the best of them: location, location, location. Location often has the biggest effect on real estate prices. It is the golden rule. In jewelry, it's prestige.

While a Christie's auction is likely in a posh place, people pay a significant premium to buy from them. Their name demands respect and guarantees the highest bids because of the comfort and surety of buying from them.

That being said, location matters significantly in the value of real estate. Prestige has less effect on the value but you will pay for the name. An education can be thought of similarly: You are not guaranteed a better one at an Ivy League school, only that you'll pay more. But it looks good on a CSV.

People pay exorbitant prices during a bidding war for many reasons. There is the Christie's effect, no doubt, but that doesn't explain the entirety of it. Paying more, needlessly, when a one-second search would find the exact item for 20% of the price...this is easy savings.

Sometimes an informed buyer is the best client and other times, the uninformed. In either situation, emotions and feelings are what a seller wants to see.

UPDATE: In real estate there are four locations, not three. The fourth location is the collective orientation and positioning of the house on the property. On one house you'd be in the road if you overstepped the exit. Another had a guardrail because there was no room for anything else - you could literally put your arm out the window and high-five someone driving by. Like with diamonds' four Cs, real estate has its four Ls.

Posted by M: September 1, 2020

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