Sanjeev answered Deena's Question.
Does home location affect home price?
Home location is probably the most important factor in home value, or at least right up there with the home itself!
A home in a poor location (adjacent to active railroad tracks, an environmental waste dump, downwind from a manufacturing plant,
built on swampy soil) won't ever get the top price in the market because buyers will "discount" the location. A bad location is
usually an incurable defect. That means it cannot be "fixed" -- it will always be a bad location. On the other hand, a great
location can make up for a bad property. There will always be people who want to buy run-down homes in great neighborhoods,
because they can "fix up" the homes. In fact, a rule of real estate investing has always been to buy the "worst house in the
best neighborhood" and take your value from the neighbors. The opposite of this is to buy the best house in the worst neighborhood,
which is a poor investing strategy, because your house will take its value from the (downward-trending) neighbors.