“What is Situs in Real Estate?”

 

When choosing to buy a piece of real estate, people tend to have specific preferences on what they want to buy. This preference can be anything from how many bedrooms they want to how many stories they want, or even what kind of house they want. A preference that many people have is where they want all of these aspects to be and what they want to be near. This is where Situs comes in and it can make a big deal in someone’s decision-making in the housing market. Situs is not necessarily based on objective facts and knowledge.

 

So what is Situs?

 

Situs is a term regarding location that takes into consideration societal factors in addition to economic factors. Area preference, also called location, refers to people’s choices and tastes regarding a given area. Some societal factor examples are religion, family, physical status, economic status, education, and political systems.

 

Some examples of Situs are if a family had to move to the coast because of their career status but wanted to live a few blocks from the beach and would also like to be near some great schools for their children. Wanting to live near the beach and a great school is societal factors because those are their preferences.

 

Another example is if a couple wanted to move into a less densely populated area but also still wanted to be near a church that they could still attend weekly. Both of these preferences are Situs because they are things they would prefer to be by and not have to be by.