Top Areas for Residential Real Estate Development
Although the tides have turned into becoming more of a seller’s market, this shouldn’t stop investors from finding quality residential homes in which to invest. 2018 is a great year for residential housing, in part because commercial real estate has been booming as well.
However, not all areas are created equal, so take a look at this list of the best areas to invest in residential real estate, and get your financial ducks in a row to be ready to strike fast. Consider a hard money lender as opposed to a traditional lender, and you can secure your finances to purchase with little trouble and little time. A bridge loan can also serve as a useful tool after you have found your property so that you can renovate and turn a profit in no time at all.
Orlando, Florida. This sunny destination is a great place to invest in a vacation rental property that is sure to turn a profit. It has everything a tourist may want as far as food, fun and gorgeous views. The market is projected to keep rising, with a yearly values going up as much as nine percent, and a three-year growth rate of nearly thirty-five percent. So when it’s time to sell, you’ll more than likely make a high return on your investment.
Provo-Orem, Utah. Utah has been listed as one of the best places in the country to do business, so the projected population growth rate over the next few years of nearly eight percent can’t be too far off. With so many people choosing to move to Utah, the residential market is said to go up by almost ten percent in the next year alone, which means a short-term profit for flippers is a real possibility.
Raleigh-Durham, North Carolina. This popular college area boasts a lively university life and is part of the “research triangle” due to its center among technology companies. The good news for investors here is that the average home is undervalued by nearly three percent, meaning you’re getting a bargain in a great area. Take advantage by using a direct lender to get your financial backing quickly so you can be sure to outbid any competitors.
Fort Worth, Texas. The average home in this charming city is projected to have a whopping eleven percent growth rate in one year, and up to twenty-six percent over the next three years. Homes are usually priced reasonably in the $230,000 range, so it’s a great place to buy up some property and flip it for a quick profit.
Columbus, Ohio. Homes here are undervalued close to thirteen percent, making it an ideal place for an investor to come in for a great deal. They do have an expected value growth of eight percent this year alone, with an overall growth rate of nearly twenty percent in the next few years.