You’ve heard the mantra “location, location, location” countless times in real estate, and there is a lot of truth to it. Location is a primary factor in determining a home’s overall value, including the value of the neighborhood. Buying in the right area can produce great returns if the process is done correctly.
While some neighborhoods have already developed a desirable reputation, others may be less well-known or on the up-and-coming list. That’s why we asked the members of Forbes Real Estate Council how they estimate potential value in specific neighborhoods. Their top tips are below.
2. Consult With A Local Broker
You don’t need to hire an appraiser or buy a market research tool. For investment properties, such as apartment buildings, local brokers will give you an investment landscape with comparable properties and recent sales. Research which broker has the most activity in your investment area and consult with that person. They also can tell you what they’ve been seeing. – Lee Kiser, Kiser Group