When It Comes to Real Estate, Location is Key

If you are interested in investing in foreclosures, then it is essential for you to take into consideration the most important aspect of buying any home: the location. When purchasing a property, people generally understand the importance of the location. Everything from the home’s access to interstates, surrounding attractions, and high-quality schools goes a long way in helping increase the value of the property.

The same is true when it comes to investing in foreclosures; however, in today’s real estate market location is more important than ever. The Importance of the State’s Real Estate Market

With some states and cities making quicker progress toward recovery than others, the local real estate market is key to making smart investment decisions.

English: Bustour touring foreclosures in San Diego (Photo credit: Wikipedia)

For example, if you are looking to invest in foreclosure properties in California, you may have a harder time finding homes in this state in comparison to the likelihood of you being able to find foreclosure deals in Florida. While the California real estate market is making steady progress toward recovery with a decrease in foreclosure filings, the Florida real estate market is still struggling to take steps forward.

Similarly, California has experienced an increase in short sales in comparison to the sale of foreclosures. With this information, it is essential that you add short sales to your search when looking to buy discounted properties throughout California.

Therefore, when looking for foreclosure deals you have to know exactly where to look - which states are more likely to have the best foreclosure opportunities on the market.

City Statistics Matter

Although it is important to take into consideration the state’s real estate market when purchasing foreclosure and other distressed properties, it is even more important to look at the city in which you are considering investing.

For example, a recent infographic reveals that Dallas, Texas has 1 in 3,233 homes in foreclosure in comparison to the state of Texas having a foreclosure rate of 1 in 1,336. As the infographic reveals, the Dallas real estate market is stronger than the state’s overall real estate market. Therefore, those looking to invest in a stronger real estate market may be better off investing in the Dallas area in comparison to other cities throughout the state.

At the end of the day, you must first decide what you are looking for in a real estate market. Are you looking for areas that are still struggling to make progress toward recovery and that have a high foreclosure inventory? Or, are you looking to invest in areas that are well on their way to recovery and often have fewer homes to choose from? The answer this question should help you know what to look for when it comes to the local real estate market.

In conclusion, location matters. When it comes to buying any home, the location is key; where you choose to purchase affects everything from the properties you have to choose from to your potential to obtain a good return on your investment.

When investing in real estate, especially in today’s market, learn as much as possible about the local real estate market before finalizing your investment decisions.

John E. Miller, Foreclosure Deals

Taken from: http://www.businessinsider.com/when-it-comes-to-real-estate-location-is-key-2013-1

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