Episode 32: Is it really possible to predict the next "up-and-coming" neighborhood to buy a house in? Is it reasonable for buyers to expect that a given area will experience home-price appreciation because it is close to a hip and happening area?
That guessing game is probably not worth the gamble, says Frank LLosa, broker at Frankly Realty, in this edition of The Wheel Estate Cam.
Just as with the stock market mantra, says LLosa, "past performance is not indicative of future results."
He adds, "My philosophy has always been: buy where you want to live."
But if the basis for a particular purchase is the prediction that a given neighborhood is going to somehow transform into a pricier neighborhood, he asks, "Is it really worth it?"
And in terms of trying to time the bottom of the housing market, LLosa says that can be a hit or miss proposition, too.
"One of my favorite sayings: ‘There’s no bell at the bottom of the market.’ "
Frank Borges LLosa is the broker, founder and owner of FranklyRealty.com, a real estate brokerage in Falls Church, Va. He is the creator of the Trust Me I’m a Realtor blog and multiple listing service wiki site FranklyMLS.com. You can follow him on Twitter: @franklyrealty.
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