Knowing Your Market
By Lee Keadle
Published 06/29/2007 | Real Estate
Home purchase and sales can be a tricky game. In fact the real estate market is one that is open to more fluctuation than many others. That being said, the real estate market is also one that has shown remarkable tenacity and the ability to appreciate even in the toughest of times. Many investors have made their fortune prospecting on the real estate market and as this fact becomes more publicly known the country has developed a love affair with the concept of investing in real estate as opposed to other realms of investment like the stock market or mutual funds. This is not to say that there isn't a tidy profit to be seen from those other markets, simply that real estate has continually proven to be one of the most prolific and rewarding investment options.
Proper real estate investing hinges on several factors and the most important of these is to really have a good handle on what the current trends are in your local market or whichever area it is that you have chosen to invest in. I cannot speak highly enough of spending some time with your realtor or agent discussing the reality of the chosen market. Find out what is selling quickly. Perhaps condos are the hot seller at the moment, or level entry single family homes. Either way a smart investor will research what is currently happening in their market and see if any trends emerge that they can capitalize on. Make sure that you weigh all your options carefully and decide based on the reality of the market, where your money would be best spent.
Location will play a huge part in your investing decisions. Each area will have it's own distinct trends and concerns. If you plan to be successful in a given area you will have to learn to market to that area's needs. find out what renters are looking for in your area if that is the route that you have chosen to take with your investment. Either that or find out what home buyers have been asking about in that area and tailor your property to satisfy those needs. A smart investor covers all of their bases and keeps their options open in case the situation changes, and it can change. So be prepared for any eventuality and be flexible on your investments, that flexibility will ensure that your investment earns money, whatever the case may be.
Lee Keadle is a professional RealtorŪ serving the Charleston real estate
market. For more information on Charleston homes & properties
, contact Lee today or visit www.searchforcharlestonrealestate.com.