Definition: The location of property. In real estate economics, the term also describes the desirability of a location based on preferences and access to useful places or services.
Example
Two similar homes attract different demand because one location offers more convenient access to jobs and amenities.
Keep the distinction clear
Situs is broader than a street address in a valuation discussion. Location preferences can change, so desirability should be supported by current market evidence.
Related terms
Value · Demand · Highest and Best Use
Keep studying
CMA vs. Appraisal: What Is the Difference?
References: California DRE: real estate glossary
Pronunciation (US): SYE-tus (capitals show stress)
Pronunciation reference: Merriam-Webster
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