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If you’re looking to buy real estate as an investment, you should aim to buy in places where prices are currently low but are expected to rise in the coming years. You should not buy in places that are currently “hot,” Barbara Corcoran explained.
“When you reach to the place that’s hot at the moment, one of two things happens,” she said while appearing on Forbes’ “Women & Wealth” series. “One, you can’t find a place because everybody wants it, or two, it gets overinflated and you buy into a bubble of sorts — never a good idea.”
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Instead, look for markets that are undervalued, Corcoran said.
“The smart thing to do is to analyze markets,” she said. “There are markets in the United States that are ripe for the picking. They’re undervalued. There’s always an undervalued market.”
Corcoran said that prospective buyers should seek out properties in these three undervalued markets.
Corcoran’s Picks for Undervalued Real Estate Markets
“Right now, the top three leading markets are Buffalo, New York — not everybody’s cup of tea,” Corcoran told Forbes. “But also Baltimore is a phenomenal market that’s appreciating very quickly and Philadelphia as well.”
To identify these markets, it all comes down to looking for market trends.
“If you really investigate the particular markets where appreciation is the largest,” Corcoran said, “and take a moment to really check them out, you always make a better investment.”
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This article originally appeared on GOBankingRates.com: Barbara Corcoran: Buy Real Estate Now in These 3 Undervalued Cities
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