When investing in real estate, it’s always a good idea to know where the action is at. Everybody knows that house prices in California are higher than anywhere else in the country. But that doesn’t necessarily mean that it’s the best place to invest. When it comes to real estate investment, it’s not about how much property is worth right now, it’s how much it’s going to be worth in the future.
The question, therefore, is which real estate submarkets are poised for growth and why. Here’s the lowdown.
Arizona Near Phoenix
Most people think that the main attraction of living in Arizona is the weather. The region typically sees more than 300 days of sunshine per year and temperatures regularly in the 70s or 80s all year around. But according to real estate investors, that’s not what makes the state so exciting as an investment prospect. The great thing about Phoenix as a metropolitan area is that it offers an attractive, relatively congestion free alternative to Los Angeles, a city with the worst traffic problems in America.
Phoenix is a rare example in economics of a “free lunch.” Not only is the quality of life better in the city than others in the region, but house prices are lower. You can pick up an entry-level house for between $100k and $200k, or about half what you’d have to shell out if you lived in San Francisco.
There’s also a wide range of different properties to choose from. Phoenix is a place of great diversity, meaning that investors can target different segments of the market based on their individual growth calculations. Given the rise of manufacturing in the region, it seems likely that demand for middle-class homes in the region will spike in the near future.
The Low Country And Charleston
The economy of Charleston wasn’t always particularly strong. But in recent years, thanks to investment from giants like Boeing and Volvo, the city is becoming something of an economic powerhouse.
What’s more, the general amenities here are well-kept and the streets are clean – something that buyers are sure to appreciate. There’s also a nightlife and a lot of great restaurants in the town, meaning that it has its fair share of local attractions.
The Wyoming Outback
With the recent rise in violence in cities, many Americans are looking to make the escape to the country. And where better than the Wyoming outback, a region of stunning natural beauty where buyers can follow pursuits like golf, ranching, and hunting. Visit rmabrokers.com/ranches-for-sale/wyoming-ranches-for-sale/ for more info. For investors, these properties are particularly attractive as their prices are likely to rise in the future, especially if wealthy city dwellers decide to opt for early retirement. The real attraction of the area is the space, as well as the fact that builders have constructed dozens of high-quality modern ranches with all the home luxuries buyers have come to expect.
Trump promised the people of Michigan that if they elected him, that he would help bring their jobs back. And that’s something that appears to be happening in the state, especially around the Grand Rapids area. Job growth here is running at an impressive 2.7 percent per year, far higher than population growth. And that will eventually translate into higher prices. Interestingly, though, prices haven’t yet begun to rise substantially, and so it could be a good time for investors to make a move.
What’s more, many of the jobs being created in the state are in the high-value added category. The area is home to large medical industry enterprises, education, and manufacturing.
In real estate, they say that location is everything. And when it comes to properties in Deltona, Florida, it’s precisely that. Price rises in the town won’t increase because of the booming economy or the growth in the number of jobs. Instead, experts think they will rise because of the demand for great weather and leisure facilities, and Deltona has both.
Colorado is one of the few places in the country where the people remain slim on average. For years, epidemiologists considered this a mystery. But it all comes down to the fact that the landscape here just beckons you to go out and explore it. The area around Colorado Springs is particularly stunning, with mountain ranges, lakes and forests to explore. Hiking, biking, and skiing are major pursuits here, enjoyed by millions of people every year.
All this activity is slowly pushing up prices in the Colorado Springs area according to https://realestate.usnews.com/places/colorado/colorado-springs. People are beginning to recognise that not only is it a beautiful place to live, but also a desirable one. The climate here is mild, and there are recreational pursuits to be had at every turn. For those who love adventure outdoors, Colorado is just about the best place in the US to live.
It’s for this reason that investing in real estate here is so appealing. Even if you’re not the type of person who likes to go on regular hikes in the mountains, the growing leisure market is certainly an indication that the lifestyle the state offers is one that people actually want.
Colorado also has a growing jobs market and affordable housing right now, something which will no doubt prompt migration to the state over the next several years.
San Antonio, The Lone Star State
San Antonio began life as a military city. But like many cities, it’s slowly throwing off the shackles of its origin and becoming something more eclectic and diverse. The city, however, is right at the beginning of this process. House prices here are low, despite major employers like USAA and Toyota setting up in the region.
San Antonio should be on your radar right now because the town has reached a tipping point. Previously, it was dependent on military money to sustain itself. But now it’s grown its own independent economy which is thriving. Investors buying real estate in the area should resell using the town’s rich culture to get more money from their buyers.