There was an interesting article on MSN Money regarding twelve principles which make a house somewhat "Recession Proof." You can read the article here.
If you're looking to purchase, now is a really good time to actually take a look at factors that negatively impact property value, and buy a home accordingly. I'll give you an example...
There is a house in Langhorne currently listed well below market price for the neighborhood. It's been on the market over a year, and continues to languish on the market. Why? Because it backs up to Rt. 413.
Now, two years ago, that house could have been sitting on the edge of a cliff, with the turnpike running through the front yard, and it still would have sold. Buyers were lucky to get the opportunity to actually write an offer before a home was sold, so many of the most basic principles of value were tossed to the wayside as Buyers scrambled to find something...anything...that they could get under contract.
In the post-crazed real estate market, a Buyer has the opportunity to step back, take his or her time, and buy smart. If a home has been sitting for a year? Chances are you can figure out why, and if it's not pricing or something "fixable" it's going to impact YOU when you go to sell. The market is speaking to you - listen to what it's telling you.
Location is the number one consideration when buying a home. School District is next. These will have the most impact on your resale and the property's value going forward. Buy smart, and you can better weather any shifts in the real estate market.
Need more information? Shoot me an email and I'll be happy to help you!