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Given the fact the blazing
hot real estate market
has cooled off, one must
wonder whether it is worth
buying now in any location.
One way to identify a
good area deals with jobs.
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Assessing
a Real Estate Market – Jobs First things
first – national trends in real estate
mean little when it comes to assessing a local
area. During the recent red hot real estate
market, national trends would have led one
to believe you could buy anywhere and reap
insane appreciation rates.
This simply was not true. States like Texas
and Colorado, for instance, generally showed
miserly appreciation rates
in the four to six percent range. Simply put,
the national trend in real estate was a reflection
of an average movement across the country,
not a predictor for certain locations. Without
a doubt, the national figures for the real
estate market have cooled off dramatically.
We are seeing price drops and appreciation
rates stagnate in many formerly hot markets.
Las Vegas, for instance, was a market that
was blazing hot with 25 percent appreciation
rates for a couple years running. Now, the
market in Vegas has cooled significantly.
This is a trend being repeated in numerous
markets that were previously hot, hot, hot.
Does this cool off mean you should avoid purchasing
real estate? No! It just means you need to
pay closer attention to what is happening
in the community you are considering. One
of the biggest issues to focus on is the job
market. This is an issue most people fail
to consider, so you can reap huge profits
if you get it right.
When considering jobs, you want to
look for an area that is exhibiting solid
job growth in white collar industries. The
fact that 50 McDonalds are opening is not
really going to spur the real estate market.
On the other hand, the fact that Boeing is
opening a massive construction facility in
the area is going to bring a boon to the real
estate market. White collar jobs lead to housing
demands. The more demand there is, the higher
prices and appreciation rates go regardless
of any national trend.
Five or six years ago, I was taking a flight
to Portland. The plane
was loaded with employees of a large
corporation that were commuting between their
homes in California and Portland. It turned
out the company was in the process of moving
to Oregon and 5,000 employees were going with
them. Although I don’t recall the company
name, it was in the computer industry. Given
this migration of jobs, do you think Portland
would have been a good place to buy?
There are many factors that go into the status
of a real estate market. If you focus on job
growth, you may just find some gems in an
otherwise cool real estate trend. Given the
fact the blazing hot real estate market has
cooled off, one must wonder whether it is
worth buying now in any location. One way
to identify a good area deals with jobs.
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