What are the three most important things in real estate?

The classic real estate mantra sums up the three most important things: “Location, Location, Location.”

1. Location: This is paramount. A property’s location impacts its value, appreciation potential, rental income, and overall desirability. Factors like proximity to schools, employment centers, amenities, transportation, and natural features (like rivers or parks in Lane County) are crucial. Even identical homes can have vastly different values based on their specific location.
2. Location: This reiterates the importance. Beyond geographical placement, “location” also refers to the neighborhood, the community, zoning regulations, and future development plans. A strong, desirable neighborhood in Lane County will generally hold its value better and attract more buyers or tenants.

Location: The third emphasis underscores that while features of a property can be changed or improved, its location cannot. It dictates market demand, property taxes, school districts, and accessibility, making it the most significant determinant of long-term real estate value and success.