How can I tell the market? I often hear this being mentioned by other real estate investors. How do I know if my market is currently down and that now is a good time to buy? I once heard something about market seasons.
All advice greatly appreciated!
@Damonta Samuel, There are several markets within each market (e.g. commercial vs residential). I personally believe you can buy in any market and be profitable; however, it falls into buying right. I'm starting to see most people seem to be playing the market in regards to appreciation, which in turn is essentially gambling in my eyes (although, some markets require it for a profitable outcome). While you may be able to identify certain thresholds within different areas, you're still increasing the risk. If you buy right and take appropriate precautions (i.e. risk mitigation), I don't think this will be an issue. As Joe Fairless talks about in his book: buy for cash flow, have reserves, and take long term debt.
I hope this helps a little, and I'm sure there are plenty of BP members that have extremely more knowledge than I do that would be able to give some further guidance. Good luck in your future endeavors.
@Matt Crusinberry thanks a ton Matt I really appreciate the response!
Read national, regional, and local real estate reports. Read the local news. Attend local meetups and speak with investors. Meet with local owner, property managers, and brokers to get their take on the market.