With mortgage rates historically at its lowest and with a good deal of options available on the market, you should consider investing in real estate during this pandemic.
Traditional investors agree that real estate investments are good assets since their value appreciates over time. Other than this fact, real estate offers an opportunity for investors to earn recurring income from property rentals.
However, in buying real property, one of the top considerations you should examine is the location. The popularity of the neighborhood helps determine the increased value of the property you bought.
Before you apply for a new loan or refinance an existing one, check the top cities where it is ideal to invest in real estate during the Coronavirus pandemic.
Dallas, Texas
The largest city of the lone star state boasts not only a rich history, signature snacks, and a sprawling metroplex, but also a strong availability of housing stock and high rental rates in proportion to house prices. The real estate market in the city offers a variety of investment properties.
Over the past years, there has been a 14 percent increase in demand for rental units in Dallas City. Since renting is more affordable than buying a house, the city has one of the country’s lowest homeownership rates.
The city, being one of the leaders in employment, the population of the area is expected to double in the next 15 years. On top of that, the projected appreciation of real estate properties in 2023 is 11.4 percent.
Atlanta, Georgia
Seen as the next Silicon Valley, Atlanta offers enticing purchasing prospects for any perceptive real estate investor. With the city’s population growth of over 14 percent over the last decade, there is an increase in housing demand.
Mainly driven by a booming economy of the area and a stream of young and diverse professionals, Atlanta is hailed as one of the fastest-growing metro areas in the U.S.
Another reason you should invest in real estate in Atlanta is the growing trend called hipsturbia, which attracted several millennials. Hipsturbia pertains to “cool” suburbs. It answers the millennials’ need for affordable housing with a suburban-feel that offers a close commute to work.
Las Vegas, Nevada
Las Vegas is known not only for its gambling, entertainment, and nightlife. The real estate market in Las Vegas offers an excellent opportunity for investors. The current population of the valley shows an increase of 2.98 percent from 2019.
Despite the devastating effect of the COVID-19 pandemic on the business sector, the city’s rental real estate market remains active. Apartments and houses for rent are still affordable for most renters, making Las Vegas one of the hottest real estate markets in the U.S.
Orlando, Florida
Orlando’s economic stability brought about by its tourism and entertainment industry makes it an ideal place for real estate investment. Investors could target the long-term residential population and the holiday markets with their rental properties.
As the fourth-largest city in Florida, Orlando has a population of about 2.5 million. In a 2018 Forbes article, it ranked No. 2 among the fastest-growing cities in America.
Chicago, Illinois
Home to the 32 Fortune 500 companies, the Windy City, is another top destination for real property investment. The increasing population, stable market, and diverse economy make the city an ideal market for investing in rental properties.
With a high private sector employment record, over 50 percent of the Chicago population are renters. On top of those financial reasons, another motivation why you should invest in the Chicago real estate market is the rich history and the beautiful cityscape it has to offer.
Raleigh, North Carolina
With a large student market and more young professionals moving in for work, about a third of the population in Raleigh rent their homes. This makes the city another perfect market for real estate investment.
While most cities boast fantastic skyscrapers or booming nightlife, Raleigh offers credible educational opportunities, such as North Carolina State University, Meredith College, and Shaw University.
The city is also one of the world’s leading technological research parks. Companies like Sony Ericsson, IBM, Lenovo, and Cisco have their headquarters there.
Spokane, Washington
For those opting for a calm and quiet atmosphere to live in, Spokane is the answer. Although with only a small population of around 200,000, it is now a growing real estate hot spot.
Prices of properties in districts like Perry, Spokane Valley, and Liberty Lake appreciate fast, thus making it ideal to invest as early as possible. 65.75 percent of the housing units in the city are single-family detached homes. Property owners of this housing type attest to the good returns of their investment.