Location, Location, Location

You've heard those famous three words to describe what is really important in real estate. Location really does matter. If you are looking to buy a home or if you are a seller who wants to price a home, you cannot just look at the house itself. You have to factor where it is into the equation to really get a good picture of how desirable a property will or will not be.

As a buyer you cannot buy a property in isolation. The greatest features won't help if you have a burdensome commute, if there is a factory nearby blowing smog, or if you question the quality of schools in the area. On the other hand, you may want to consider a house that is not quite as pretty if it is within close range of the neighborhood amenities that you find most desirable.

As a seller, you do not want to price yourself out of a sale, but also you do not want to discount the benefits of living in a great area. If you are near transportation hubs (highway or metro), good schools, great shopping, parks, recreation or if your property provides a spectacular view, these things have to be considered as you price your home.