Delaware residents have likely heard the saying that the three most important things in real estate are location, location and location. While most people that have bought or sold a home are aware of the truth of this statement, they may be surprised to learn just how much location can impact the value of a property. Homes in the nation’s most affordable markets can often be found for $100,000 or less, but similar properties would be priced at $1 million or more in some of America’s most affluent neighborhoods.
The price of residential real estate is greatly dependent on the kind of employment opportunities available to local residents. The new frontier of information technology has seen home prices soar in the Bay Area due to the high compensation offered by technology companies, but other parts of the country more reliant on manufacturing have seen the price of property plummet as globalization has led to jobs moving overseas.
Some parts of the country are less susceptible than others to real estate price fluctuations. Areas with a wide variety of work available and consistently performing schools are likely to have a robust real estate market even when the economy dips into recession. Other factors that can help buoy property values in difficult times include an attractive climate and close proximity to areas of great natural beauty.
Buying a home can be an extremely emotional process, but happiness can quickly turn to anguish when expensive problems become apparent after money has changed hands and contracts have been signed. An attorney with experience in this area could help home buyers to avoid such situations by ensuring that all proper checks have been made and that the contracts and other documents are in order.
