As it relates to Southeast Michigan residential properties, the “location, location, location” homily is usually thought of as referring to neighborhoods. Homes in superior Southeast Michigan neighborhoods are visibly well cared for, usually have larger footprints, appealing architecture, etc.
Their higher resale values are self-sustaining because their buyers can afford attentive maintenance. But the locationX3 adage can also be valid for how a property is sited. Southeast Michigan listings that read like absolute steals online can sometimes prove the point (one that remote buyers without local representation can learn to regret). A fabulous home situated in the wrong place can be a mistake waiting to happen. Examples:
- An otherwise exceptional Southeast Michigan home sited on a busy thoroughfare (AKA, a “double yellow line value killer”) doesn’t lose appeal simply because of road noise or the hassle of getting in and out of the driveway—there is also prospective buyers’ apprehension about what will happen when it’s time to resell. The same home on a cul-de-sac automatically commands a higher price and swifter resale.
- The value impact of a major road within sight is a matter of degree. A faraway freeway can be value-neutral, especially if the nighttime view of streams of head- and taillights can be viewed as sparkling, jewel-like ribbons of color. But too close by—especially within earshot—buyers are more likely to find it off-putting.
- Longtime Southeast Michigan residents may remember when a corner lot was the preferred neighborhood configuration, but that assessment has been declining for years—partially because corner lots create greater side yards and smaller backyards, and partially because they create twice as much street exposure.
- A nearby airport can be promoted as a major convenience for frequent travelers—but one that’s close enough to constitute ear pollution can have the exact opposite impact.
- More equivocal are homes located on a dirt road. Sure, the car will get dirty—that and the possibility of wintertime travails can be negatives. But, depending on the property and neighborhood (and the buyer’s mindset), the same factor can also be seen as emblematic of an appealing lifestyle choice.
Almost without exception, situations like these will be glaringly obvious upon a prospective buyer’s first visit. Exceptions do happen, though—especially when prospective buyers fall in love with something about a property. In that case, it’s only important that the buyer be fully apprised about what to realistically expect from the market if and when it’s time to resell. When you are a client of mine, that is absolutely certain to be the case!