I’m gonna use Memphis as my case study for this blog because it’s my hometown and I’ll use a house I’m in negotiations with right now. I really have no leverage with the seller because it’s in an area where JP Morgan & Chase just decided to dump $3M. On top of that, Amazon is building a center less than 3 miles away. The house isn’t in perfect condition but with the area it’s in, you can almost get market value even if there’s minor repairs needed.
With that being said, know your area. Know where the money is going in your city. I joined the chamber of commerce, I set up google alerts for keywords like “real estate Memphis” to get emails on things happening in the city. Small life hacks.
All in all, location is very important. It’s been the quote of real estate professionals forever. Be careful tho, they do know how to manipulate minds if you don’t pay close attention. I’ve been a victim myself. Missed opportunities because I thought the area was useless and today I seen new buildings everywhere.