Everyone knows the phrase Location! Location! Location! when it comes to real estate, so what happens when your location really isn't that great but the house you're trying to sell is? Working in real estate, the majority of our agents have seen this scenario – a beautiful home that overlooks train tracks, or a larger than average property that's next to the freeway – and although the location isn't ideal, we know that to the right person, for the right price, the property will sell.
At the moment, because there are many suburbs where falling house prices has become common, trying to sell in a less than ideal location poses additional challenges for homeowners whose property is up for grabs. There is one other real estate truism however and that's price overcomes all objections. If a property is priced right, buyers will come.
Buying property is an incredibly personal decision, and out of all the buyers who aren't prepared to consider living down the street from a commercial district, the less than ideal location could be the perfect fit for a buyer who can't afford a house elsewhere.
Depending on what other factors are important to a buyer, what is considered a bad location to some could offer ideal qualities for someone else. For example, some buyers will choose a house in a less-than-ideal location because of the schools nearby, even if they could afford a quieter street in a less affluent town.
As with any real estate sales process, the price is also heavily dependent upon how badly the seller wants or needs out. If they want to sell now, the best bet is to price a property significantly lower than the same house would cost in a prime location. Nine times out of ten, the more challenging the location, the lower the price has to be, no matter how beautiful the house.
If you do have a home to sell in a less than perfect spot, your agent should also have other tools to assist, one of which is good old positive spin. Ad copy for your property should highlight the location's positives, not just the price, such as saying it's within walking distance of public transport, shopping, cafes etc. Your real estate agent should also assist you in making your home look the best it can possibly look. Basic rules of decluttering and sprucing up your property still apply, and most agents will tell you they believe there's a unique buyer for every unique home.