That is the advice of Greg Taylor, managing director of Colliers International (Atlantic), who says many investors are still making the basic mistake of investing in areas without any local market knowledge.
“We still see investors jumping into markets just because of second hand information from others or media headlines. It’s a huge mistake for any investor to make and one that we still see a lot,” says Taylor.
He highlights the Arizona market as an example case. “People bought into the Arizona market simply to get into the market and into areas where it was already saturated,” he says. “The risks are far greater now than they were 20 years ago for investors, and it takes longer to recover from a loss. A lack of understanding and knowledge of local markets has never been so costly to an investor.”
This “lack of local market knowledge” is one of the five mistakes that Taylor will outline at the forthcoming Investor Forum in Moncton on September 21.
“With rising interest rates and higher prices in certain markets, investors need to minimize risk as much as possible. Avoiding simple mistakes in the decision making process can alleviate these risks,” says Taylor.
To book your spot for Investor Forum Moncton, click HERE.
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