Whether you are a seasoned real estate investor or looking to buy your first home here is a look at the 6 hottest cities for property investment across the country according to Veronika Bondarenko from Inman Real Estate News.
As home prices rise, people are turning to smaller cities with strong job markets to purchase a property. In the last 10 years, we have seen markets like Seattle and San Francisco blast off. Factors such as economic outlook and population growth is the best predictor for real estate growth.
“Affordability concerns have put external pressures on traditionally popular markets, like San Francisco and New York,” Holly Tachovsky, the CEO and co-founder of BuildFax, told Inman. “Instead we’re seeing an uptick in migration to markets in Nevada, Colorado, and Arizona.”
Number one on Bondarenko’s list of hottest cities for property investment is Orlando, Florida. Orlando is a top tourist destination and retirement community and has been seeing home value growth that experts recommend acting quickly on.
LAS VEGAS, NEVADA
Number two on Bondarenko’s list of hottest cities for property investment is Las Vegas, Nevada. Sin City is expected to see a 7.9% growth in sales prices by the end of 2019. The reason for the rapid increase in home values is due to the large numbers of people migrating there for work-related purposes.
“Take your time getting to know the neighborhoods in a city,” Tachovsky said. “It’s helpful to drive around, talk to people, watch prices and watch rents. After a while, you’ll get a second sense about good deals and expected rents.”
Fourth on the list is Denver, Colorado. Home values grew by 5% in the last year alone. As the city expected to reach over 3 million by 2020. Millennials, families, experienced homebuyers and investors, are flocking to the city. Prices are growing rapidly but, according to investment experts, there is still time to act before the market becomes too oversaturated.
Number five on our list of hottest cities for property investment is Cleveland, Ohio. This Midwestern city has seen more than $19 billion invested in various development over the last 10 years. Affordable home prices coupled with a strong job market = Investment property success. Since Ohio is not typically a place tourists or out of state/country visitors flock to compared to other destinations, could work in one’s favor.