Location, Location, Location: A Look At The Best Real Estate Investment Locales of 2017
As any realtor will tell you, location is everything. With that in mind, we’re going to talk about some of the best locations to buy and sell this year.
Whether you’re a first-time realtor or a veteran in the field, there’s one thing you’ve likely already concluded: when it comes to real estate, location is everything. The neighborhood, city, and state in which a house is located has more influence on property value than nearly every other factor.
And the overall market has a huge influence on the value of each location. Therein lies the problem, though. The market changes year after year.
Being aware of those changes is essential if you’re to succeed. So with that in mind, I’d like to go over a few of the strongest real estate markets in the US. Keep a close eye on them, because they’re great places to invest.
So here, without further ado, are three of the strongest markets of 2017, according to Forbes.
Texas
Texas has the distinction of currently holding the number one city in real estate. Dallas has been forecast to see market price increase to 31% by 2020. This is due in part to strong job and population growth in the region. The rental market is especially strong, with many real estate agencies investing significantly in apartments.
It’s also not the only city in the state to top real estate charts, but we’ll get to that in a moment.
As it turns out, the housing recession somehow didn’t hit the state as hard as it did every other market. It bounced back quicker than any of the others, and job growth is stronger than any other state in the country. If you’re not sold on which market to invest in, you could do a whole lot worse.
Florida
Four cities in Florida made Forbes’ list, including Jacksonville, Orlando, West Palm Beach, and Tampa. It’s a bit weaker than it was last year, when seven cities in the state made the list, but still a remarkably strong market. It’s worth being aware, however, that the increasing value of homes in the region has a really important caveat: job growth is currently on the up, but there’s also a dearth of building companies and contractors – there aren’t enough to keep up with the market.
Boston, Massachusetts
Although markets like San Francisco and Los Angeles remain some of the strongest in real estate alongside New York and Washington, housing scarcity has led to sharply increasing housing prices. This makes them a poor investment, at best – though a great place to consider purchasing a rental property.
As Forbes notes, Boston is one of the exceptions to this rule. Home prices in the city are currently underpriced by 2% on average, and local market prices are expected to increase by 20% by 2020. Although it’s very populated, population growth will still bring prices up in the coming years.
Closing Thoughts
Location is everything in real estate, whether you’re buying or selling. The markets we’ve detailed above are some of the strongest locations in which to buy, and ideal house flipping locations. You should strongly consider at least one of them if you want to get into the business.
Armando Montelongo, Jr. is a real estate mogul, mentor, philanthropist, and speaker. As the CEO of Armando Montelongo Companies, he specializes in real estate investing and teaching his students how to strategically invest in residential and commercial real estate. Through these courses, he helps students positively transform their lives.