Q: I recently read an article that you were quoted in on MSN.com called “The Next Hot Housing Markets.”
What do you think about housing markets like Orlando, Austin, or San Antonio?
A: It seems as though everyone is focused on buying in the next hot market. And who wouldn’t want to? Considering how property values have soared in hot housing markets over the past 10 years, some people have been lucky enough to double, triple or even quadruple their investments.
Overall, I think the major metropolitan markets that have good, stable employers, will have growth over the next ten years. In particular, people seem to be moving to the coasts, and major cities in the middle of the country, including Chicago, Atlanta, and Denver.
I like Orlando, Austin and San Antonio, but I still believe that there are deals to be had in many major metropolitan areas. The trick is to be careful about where in a metropolitan area you buy property, and make sure you follow the precepts of location, location, location. Remember, it’s not just the city, or neighborhood, but even where in a neighborhood you buy that counts.
If you’re looking for the next hot housing market, you may not have to look past the edge of the current hot neighborhood in your own community. Real estate neighborhoods tend to develop block-by-block, and the hottest opportunity might be around the corner from where you live.
Published: Oct 3, 2005