If you are considering buying real estate as an investment, you should aim to buy in locations where prices are currently low, but where prices are expected to rise over the next few years.you should do not have Barbara Corcoran explained that she buys in places that are currently “hot.”
“When you go to a place that's hot right now, one of two things happens,” she said during an appearance on Forbes' “Women & Wealth” series. “The first is that you can't find a place because everyone wants it, and the second is that the house becomes so inflated that you end up in a kind of bubble. That's never a good idea.”
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Instead, look for undervalued markets, says Corcoran.
“The smart thing to do is analyze the market,” she says. “There are markets in the United States that are ripe for the picking. They are undervalued. There will always be markets that are undervalued.”
Corcoran said potential buyers should look for properties in these three undervalued markets.
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Corcoran's Recommendations for Undervalued Real Estate Markets
“The top three major markets right now are Buffalo, New York, but not everyone likes it,” Corcoran told Forbes. “But Baltimore is also a phenomenal market that is rapidly appreciating, and so is Philadelphia.”
Identifying these markets ultimately comes down to looking for market trends.
“You can always make better investments if you really research the specific markets with the biggest increases and take the time to really check them out,” Corcoran said.
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This article originally appeared on GOBankingRates.com: Barbara Corcoran: Buy Real Estate Now in These 3 Undervaled Cities
