Location, Location and Location

Last week I had a consultation meeting with a homebuyer who is new to Silicon Valley. As I was explaining to him the different location options, he suddenly asked me: “Where do you live?”

I said, Los Altos.

He looked at me and said, “Oh just wanted to know where realtors consider a good location.”

Well, yes, we all know how excellent of a location Los Altos is. And you don’t have to be a realtor to have heard that "location, location, location" are the three most important things of real estate.

But exactly how do you find your best location?

What constitutes a good location to me may not be the same to you. It all depends on your specific circumstances–your commute situation, if you have any school-aged children, or any other specific requirements. Location is more than an address. It is about qualities that come with the physical location of the house that you can’t alter.

When my husband and I bought our Los Altos home eight years ago, we were drawn by

• Its convenient access to 85 and 280, which allows my husband to travel easily to different parts of Silicon Valley for client meetings;
• The top neighborhood schools for our then one-year old daughter; and
• The beautiful neighborhood with tree-lined streets. Granted, we didn’t want the pool. But we figured it was a feature that could be removed easily. And those were the important location factors to us.

Would the same location factors apply to you?

Maybe. Highway access is a factor only if you have to commute to work. If you work at home often, or don’t mind a long commute in exchange of other benefits, it would be a non-factor. I do have clients who would rather be a little far away from major commute routes in exchange of a quieter environment.

By the same token, schools are important only if you have school-aged children and plan to send them to the neighborhood schools. Of course, from an investment perspective, homes with better schools usually appreciate better, due to stronger demand. It is thus something to keep in mind, as well, as part of the location consideration.

There are possibly more location considerations, depending on the individual. For instance, I have had clients who wouldn’t consider Los Altos Hills at all as they think it is a little bit too far away from shops and everything else. Meanwhile, lots of people are drawn to the Hills, precisely for the views and tranquility. Despite its popularity, Los Altos Hills is not always a “good location.”

That’s what I told my buyer during the consultation. When we say location, we also refer to things that can’t really be altered– if you don’t like the kitchen, don’t worry, just remodel it. But if you don’t like the street the house is on, you will never be able to do anything about it.

Location, location and location is the golden rule of real estate. And as a rule of thumb, I always recommend a good address that would make the purchase a more rewarding long-term investment. But one size doesn’t fit all. That’s why it is important for buyers, especially those who are new to the area, to take the time to find their “best” location based on their specific circumstances and requirements.

Now I have told you why I picked Los Altos, I am curious to hear your story.  Would you tell us what made Los Altos/Los Altos Hills a good location for you? Or, specifically, was “location” a key factor in your decision to buy your home? Use the comment box below.

Winnie Yip Fong, a Los Altos resident and a local realtor, writes a monthly column to provide advice and her insights into the local real estate market. Email her to winniefong.realestate@gmail.com for any suggestions or comments.