People say that in real estate only three things matter and that is location, location, location.
Domain names are virtual real estate. It is where a business (or in some cases a person) sets up shop. Sure we all want to be on Rodeo drive in Beverly Hills, CA (this would be the love.com type domains) but in reality we can't be so we try and find the next best thing (our own great domain name).
So when thinking of a domain name, you must always ask yourself, what value would this domain name have to a business wanting to setup shop in this location?
Are there any products or services with that word (or words)? Are there likely to be? The more business and services that apply to that word, the bigger your market is to sell that domain and the more value it therefore has.
Here are some other tips when it comes to the value of domain names.
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A domain name should be short but have meaning. For example, Bip.com is of more value than Bpp.com. Bpp is short yes, but that's abot all it has going for it.
You want a domain that is 10 characters or less. The fewer characters, the better!
.com is the highest value extension. .cc, .ws., .info, blah blah -- they really will never be a .com. I don't know who told you .cc is the way of the future but my guess is, it was someone trying to sell you a .cc domain name.
You lose value for every word past one word. For example, two word domains are of less value than 1 word domains and three word domains are of less value then two word domains. Love.com (1), InLove.com (2 words), ILoveYou.com (3 words).
Dashes and digits drop the value of your domain drastically. By that I mean no I-LoveYou-4ever.com type domains.