While timing is very important (maybe most important) dont belittle the value of location. I have a client that unloaded a piece of RE in Summer 2004 which is down at least 10% if not more. He now owns something walking distance to the beach that is up at least 15% (if not 20%) since he bought it in the Summer of 2004. Very few people that bought in 2004 can claim that. He’d say location is pretty darn important also.
With that said, any idiot could have bought any piece of RE in 2000 and made a killing within 4 years. Even a lousy property with a lousy location. Those idiots make a pretty compelling case for timing.
