I’ve noticed something about our current Lafayette real estate market: Buyers are getting distracted, focusing on price alone.
Investing in Lafayette Real Estate – Price vs. Value
The thing that concerns me is that people seem to think a low price makes a property a good investment. They’re confusing price and value. Real estate market value is always first about lot and location. Lot and location don’t change when a market rebounds.
It’s better to grade a property across a number of other factors as well, including: condition of home, curb appeal, expansion capabilities, lifestyle (does it fit the needs of your family), overall investment and of course, lot and location!
Sure — buying real estate often involves compromise. Sometimes, though, you accept that compromise because you know it’ll bring greater value in the end.
Finding Properties in Lafayette Under the MLS Radar
My secret for finding great properties for clients is to look beyond the basic criteria, to see what opportunities are under the radar of their competition. For example, I recommend those in the market for a four bedroom home take a hard look at homes with three bedrooms and an office. What surfaces sometimes grades overall higher than the four-bedroom options.
A great example of this is a property I just listed on Las Huertas in Lafayette CA. It rates A+ across all the factors, making it both a good investment and a great place to live. Yet I know it will fall under the radar for some because it has three bedrooms. It’s also lower in square footage than a typical $1.5 million home. What the searches miss is that 3392 Las Huertas has a turn-key home on a huge pancake flat lot with numerous expansion opportunities. To top it off, it’s located in what many consider to be the most popular location in town — along the Lafayette Trail.
Properties like Las Huertas are rarely available and the current market means it’s attractively priced at a time when mortgage rates are low. So, spread the word to anyone you know who is looking for a wonderful value and A+ property!