Most real estate professionals would probably tell you that it simply means the comparison of a more “desirable” location opposed to a less “desirable” location. Most of the time they are referring to more expensive areas since the word desirable is very subjective.
Don’t get me wrong, location in this context certainly plays a significant role in home prices but the question is more desirable for who?
There are several things to consider in choosing a neighborhood besides price. Commute times, proximity to amenities such as shopping, parks and schools are only but a few demographic and socioeconomic considerations you might want to consider. Others considerations may include the number of rentals in a neighborhood, the number of households with children, median incomes, average age of neighbors, etc.
This is not to say that buying a home in a more “expensive” area with the possibility of greater resale value is a bad thing but is it worth some of the trade-off?
If you’d like some assistance in determining the best location for you please give us a call at (818) 995-9108.