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The allure of passive recurrent income from rentals makes real estate an appealing asset for investors. If you’re a potential real estate investor, the most important thing you should consider is location.
You want to buy property in a place where rent is always on the up. Your ideal investment location should have a stable economy, with good job opportunities. For instance, a city with a growing industry will almost certainly experience an increase in rental housing demand.
To help narrow down your search, here is a brief list of the best real estate markets you should think about putting your money in.
1. Myrtle Beach Real Estate
Myrtle Beach, SC, is home to nearly 35,000 people but it has a much bigger real estate market.
Myrtle Beach lies in the middle of a 60-mile long stretch of beachfront known as the ‘The Strand’.
Because of this, one of the best things about Myrtle Beach real estate is that potential investors have the luxury of choosing between buying a long-term residential property or holiday property.
There are plenty of properties in the area that means you won’t have to break the bank when buying property. The average value of a house in Myrtle Beach is an amazing $155,000, with prices rising by almost 7% in 2020.
2. Orlando, FL
Orlando is a highly favored entertainment and tourism hotspot. As such, it’s one of the most attractive real estate investment locations in the U.S. It is Florida’s biggest inland city and the fourth-largest city in the state.
The tourism industry in the region has helped Orlando grow a very successful economy which in turn, has contributed to the growth of the real estate market. It’s ranked second in America’s fastest-growing cities, with property appreciation going up by nearly 45% over the past decade.
The average home value in Orlando now sits at around $260,000.
3. Colorado Springs, CO
Colorado Springs is one of the prime places where you can invest in real estate. The real estate value in the area has appreciated faster than most markets in the country and is showing no signs of slowing down.
Despite the exponential growth, the real estate market is relatively affordable as compared to other cities in the Rockies. While the median price of a house in a city such as Denver went beyond $500,000 in 2018, the average house price in Colorado Springs is around $300,000.
This means you can buy two properties in Colorado Springs for the price of a single house in Denver.
Don’t Wait to Buy Real Estate, Buy Real Estate and Wait
Make the most out of your investment decisions this year by investing in the real estate market. The analysis of the three areas listed above was based on comprehensive research on recent trends in the real estate industry.
However, before closing on any deal, it’s best you consult with an experienced realtor. Different states have different approaches to the selling and buying of property. For this reason, you want someone who will not only provide you with detailed insight into a particular region’s real estate market but also show you the ins and outs.
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