Real Estate Investment: Top 5 Markets to Buy
It’s a terrific time to be in the real estate investment business and some areas are better than others when it comes to finding and working great deals. Regardless of your real estate investment plan, you can find some choice opportunities in some interesting places.
While Reading is not the wealthiest city in the US, it is abundant with beautiful, old homes; from huge properties with plenty of land to brick or stone row houses in the city center. With a cache of terrific properties to choose from, it can be like shooting fish in a barrel.
With a median market listing at $173,700 and average days on the market 149, Reading real estate has remained relatively stable over the last 20 years, dipping down by only about 10% in the bust.
Santa Fe, New Mexico
With a population of just under 70,000, the beautiful little city of Santa Fe relies heavily on tourism; because of it chic yet bohemian vibe, the colorful art scene and chill yet interesting night life, this town a hot market for vacation homes so there is a greater market fluctuation than in many other cities.
With market prices dropping by 20% since 2007, listings are envisioned to rise by 9.1% during the next half decade; according to Fiserv, that would be the second biggest gain in the nation. As the market begins to heat up, people are starting to sell; yet the average property stays on the market for 147 days. That can be a boon for buyers who are able to leverage the anxiety of sellers during negotiation. Median listing prices are $389,450.
Southern South Carolina
Charming and historical, Southern South Carolina is a large metropolitan region which is also home to quaint southern towns like Beaufort, South Carolina, as well as upscale resort communities; Hilton Head has always been a popular vacation destination and vacation property rentals are often a great investment. Median listing prices these days are ranging at $269,900 and the average length of time on the market is 156 days but experts say the good deals might not be around much longer as the area is trending toward some of the other hot markets in the country that are seeing fewer homes for sale and prices rising.
Ashville North Carolina
The Blue Ridge Mountains are stunningly beautiful and home to a hot music and art scene. Voted more than once by various different periodicals as “Best place” to live or retire, real estate is fairly inexpensive. Median listings are at $249,000 with an average of 146 days on the market, having hit bottom in 2011 and inching up slowly at about 5% since.
Like other areas in the States, the number of properties on the market is diminishing, having fallen from 10.6% about a year ago, though inventory is expected to increase with Spring and Summer upon us.
People seem to love Portland, despite it’s cold weather winters. The fresh air, fresh lobster, clean living and crisp New England vibe are a big draw and despite the higher home prices – about 20% more than the national average- the cost of living is pretty reasonable.
At the moment, the median listing rests at $260,000 and the average time on market is 144 days, giving investors plenty of space to negotiate with sellers who are anxious to move inventory.
In search of a specific area? Take advantage of the Find Motivated Sellers Now system – a nationwide database of free & clear vacant homes.