Importance of Location in Florida Real Estate

You've long heard the saying that real estate is about location, location, location. Does this still hold true in the ever-changing market? Do buyers value location above all else? How has the importance of location in Florida real estate changed, and why? 

Why Location Matters So Much

Why has location always been so critical in the first place? It primarily has to do with neighborhood characteristics, schools, and local resources. Neighborhoods are valued based on the types of homes within them, how well kept those homes are, the types of residents they attract, crime statistics, etc. School programs and test scores are critical for families with children. Local amenities such as public transportation, beaches, parks, scenery, recreation facilities, and grocery stores can change the appeal of a location. It’s clear to see the importance of location in Florida real estate, but it’s equally important to note that it’s not everything.

Non-Location-Specific Factors

Two factors not specific to location are home prices/trends and property features. Sure, everyone wants to live in the best locations, but not everyone can afford to do so. Additionally, the homes there may not necessarily meet the needs of every buyer or family. 

Buyers are starting to navigate more towards “up and coming neighborhoods.” These are areas where home prices are not yet too high but appear to be on the rise. Local amenities may be reasonable and/or are expected to improve. School ratings may also be changing for the better as well. Buyers who take a chance on these areas have the greatest potential for a return on their investment, so it’s a risk many are taking and seeing pay off.

The types of homes available is also worth noting. Every year, more buyers enter the market. Younger buyers tend to look for newer homes or those that require less maintenance. These buyers have less interest in home maintenance and more interest in having the time to travel and enjoy life. Not all communities can offer that, despite how great the locations may otherwise be.

Importance of Location in Florida Real Estate

Ultimately, location is a key factor in real estate, but it's no longer the only factor. As buyer profiles and preferences change, so do community development and characteristics. Understanding a real estate market can be challenging given the moving parts, but that's why you should work with local real estate professionals. A local real estate agent can provide you will valuable market statistics and insights to help you make smart investment decisions. Every homebuyer is different and there's a market for every buyer. The key is to know which location and properties are the best fit for you. 

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