Everyone in the real estate market wishes they had a crystal ball to see the future. Read on, you may find your crystal ball. Some people always seem to be at the right place at the right time. It’s possible that these people have a crystal ball. With this in mind, the best way to predict the future is to study the past. Every great general in war study’s the past to predict the future. Everything that can and will happen in your area, has already happened in some other location at some point in time. The final value of any property is best decided by the price a person will pay for it. People will always buy because of location, use of the land, cost, emotional appeal and pride of ownership. People also buy property to make a statement, which is tied into the emotional factor. All factors are predictable and selecting a property that is likely to go up in value is pretty easy. The only problem is knowing when it will happen. As we are well aware, good timing is the maker of any fortunes in this world. That is relevant to any investment but most pertinent to Real Estate. For example, if you attend a city council meeting where a new highway is proposed to be opening up outside areas of your town, you could presume correctly that this new road will have the potential of increasing the values of the new area. If this road had surrounding property that at the time is farm land that could have the possibility to turning into commercial land, the amount of money you could make would be astonishing! But keep in mind that the day the city talks about the new road and the day the city actually goes to work with the new road may span several years. Will it increase while you are still owning it? Or will your mortgage be foreclosed and will you loose everything because of the long wait time? Many investors have lost their shirt in this type of endeavor. Everything acts accordingly with regards to timing.
Because value to a prospective buyer is based on two main factors, location and use allowed, a change in zoning an affect the value or your property in several different ways. A farmer sells his strawberry patch. The buyer of the strawberry patch then goes to the local governing authority and files for a rezoning and obtains the authority to build a shopping center and a hotel on the land. . This new use is now worth much more then the old use of the strawberry patch. Keeping your head in the game and knowing how to work with your local municipality is the key in your crystal ball.
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