Ask Gerald: Where is the Best Real Estate Market?
Q: Where is the best real estate market? Roger, Huntsville, Alabama
A: Great question, Roger. I get this question all the time—the holy grail of real estate investing-how to find the best RE marketing to invest it. Most of the time, when you read an article about the best real estate markets to invest in, the writer is referencing an average like highest housing appreciation over the last year in a particular area or they may be referencing a prediction that someone has made about appreciation for the coming year. Unfortunately, the real world of RE investing isn’t quite so cut and dry because even within an area that are neighborhoods and streets that don’t follow the general trend. Also, it’s dangerous to use averages to make broad generalizations about your individual investment decisions. The truth is that there are winners and losers in every real estate market, and the key to your success is to try to make sure you are one of the winners—you can do that by focusing on 3 things: 1) understanding property value today-you must know the value of any asset you’re buying 2) you have the most control in real estate when you buy so try to keep your emotions in check and 3) have a plan B because the most successful real estate investors are those that adapt to the unforeseeable future. Thanks for your question, Roger, for more real estate tips, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.