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What Makes A Real Estate Market "Hot"?

Investment property seekers are usually seeking hot markets. Where can they purchase, and what can they buy, that will make them loads of money? It's not that difficult to figure out as long as you are willing to do away with the generic speech and determine what makes up a ?hot market.?

Based upon what Ken McElroy, author of ?The ABCs of Real Estate Investing? says, a hot market is something that is in short supply and high demand. For instance, if there is a parcel of land on the riverfront that appears to be undesirable, but is able to be developed, that may turn out to be a hot piece. Usually, even experienced investors will be unable to distinguish what is in front of their own eyes. If an investment property is deteriorated, for instance, or needs a facelift, it might not look like much to someone who is not paying attention. But the very fact that it is on the water, a place where people want to be, makes it worth looking closer at.

Another kind of of hot property, according to McElroy, is a unit with personality. He mentions the Venice Beach area in California, which was featured in a movie called ?Lords of Dogtown?. This is a tough, edgy filmt full of surfers and skate boarders. It's cool, and the fact that a person lives there says to the world that they are groovy, tough and artistic. If you can purchase a piece of property in that area, there is instant draw, simply by reason of the ?cool? factor.

Not all locations have personality, however. But they may have other things, like existing industry, or a big box retailer on the way. Corporations bring jobs and jobs bring more people, who need homes to live in. If people are coming in from out of town, they are most likely feeling pretty optimistic, looking forward to a new lifestyle in a new city with a shiny new job. Their positive outlook can work in the investor?s favor.

Military bases draw a lot of people as well, and not all military people live on base, as McElroy. points out. He also cautions, however, that real estate investors should be cautious when banking on military bases, because military budget cuts sometimes mean the closing of these bases.

Good old visibility can also qualify a property as hot, or at least increase it?s ?hotness? factor if it is indeed a desirable place to reside. Lots of drive-by traffic can be a positive thing. Drive-by traffic is free advertising. It also means that there are already plenty of people around the property, and typically means that the property is on the way to work for a lot of commuters. Maybe it would be a closer journey for some people, which is a good thing.

What it boils down to then, is that a hot market is real estate where the people are. If the area enjoys a large population, or is expecting an increase in that population, it means there is a stable economy, and a stable economy is what will maintain your investment property business.

Alex Anderson Uses The Minnesota MLS To Help Her Clients To Find Minneapolis homes for sale. Download A Free Copy Of "The Investors' Rental Guide" At http://www.GreatInvestmentProperty.com

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