Everybody knows there are three rules in real estate: Location, location, location.

But are there any times when those rules are not valid?

Some of the old rules do not apply if you are in city like Windsor, Ontario, where the economy has been derailed by the sagging automobile industry. There, I think the term should be the economy, economy, economy! You can be in the best location in the world but if the economy doesn't match the location, what good is it?

We at weSellvancouver.ca say: forget about location if you hit the market at the wrong time.

Timing is often as important a factor as location and, if it is not more important, it is a close second. If everybody has jumped on the bandwagon and you are the last guy on the train, you have probably spent too much, even if it is a prime location.

I see many purchasers in Vancouver that have bought property in the best area of the city only to see the value plummet because they hit the market at the wrong time. Those people end up waiting four or five years for prices to get back to the level where they should be simply because they bought at the wrong time.

Economic factors aside, I still believe location is important but it is more about looking for the up-and-coming neighbourhood versus what is currently hot - find the diamond in the rough. Sometimes, it is predicated on where transit is going or what communities are developing major infrastructure. A location that is marginal now can become a hot go-to area in the near future.

In the end I feel that nothing trumps the location, which is always critical. Just do not forget the other factors!