A real estate agent advises you to buy real estate in these cities and become rich within ten years.
If you're looking to buy an investment property that will pay off in the (relatively) short term, choosing the city you'll buy is key. In some cities, home values are expected to rise significantly over the next decade, so purchasing property now will pay off big when you're ready to sell.
GOBankingRates spoke with Jeff Tricoli, a broker associate on Keller Williams' Tricoli team; Mitchell J. David, real estate agent and founder of the Beach Life Premier Team; Vant Cammack, a real estate broker with Coldwell Banker Cain; and Sean McDonald, a Realtor with Berkshire Hathaway HomeServices Verani Realty, for their picks for the best cities to buy property now if you want to get rich in 10 years. Here are the places they chose.
"With home values up 218% and annual growth of 12% on average over the past ten years, Boise shows the potential to be one of the best places to buy real estate," he said.
Factors that make this a great option for an investment property include potential home value growth of 2% or more in the next two years, increasing job market, affordable homes, and high demand. Tricoli said Boise has also been a seller's market in recent years.
"This trend is expected to be followed even in the coming years, making buying in the market more logical," he said.
"With an average listing price of $199,947 — 102% below the national average — it provides an affordable entry point," he added. "The region has seen prices fall by 7.6% since July, making it an attractive investment opportunity.
"Fort Wayne's population grew by 0.67% last year, which indicates potential for demand," he continued. "Home price appreciation is at 15%, with a strong Home Price Index of 437.04. The average property tax remains reasonable at $1,153 despite the current market climate. Consider Fort Wayne for growth potential and favorable conditions for future property sales.
Las Vegas, Nevada
"If you plan to sell real estate in the next ten years, Las Vegas should be at the top of your list of considerations," Tricoli said. The city's history of prosperity and recovery and its thriving real estate market make it an attractive investment destination. Las Vegas offers a strong job market, high rental demand, affordable housing options, a growing population, significant infrastructure investments, a thriving tourism industry, and favorable tax advantages.
Tricoli said that the median home price rose 6.3% yearly, a promising trend. It is also a good place to buy if you rent your property.
"Las Vegas' diverse economy, driven by sectors such as health, technology, and entertainment, contributes to its stability and growth," he continued. "As a leading tourist destination, it provides a reliable source of rental income. Thanks to its combination of factors, Las Vegas stands out as one of the best places to invest in real estate for long-term returns.
Seattle, Washington
David of the Beach Life Premier Team chose Seattle as the best place to buy now.
"The metro area could be a compelling option for real estate investors looking to sell within ten years," he said. "With a thriving technology scene anchored by companies like Amazon and Microsoft, the city has experienced significant population growth and economic prosperity.
David continued: "House prices have doubled in the past five years, growing twice as fast as the national average since 2016." "The median listing price is $794,100, showing a 5.9% year-over-year increase. Seattle provides a reliable and profitable investment opportunity due to its strong real estate market and thriving technology industry. Invest in Seattle for long-term success in this ever-growing technology hub.
Denver, Colorado
David also recommends buying in Denver if you plan to sell within ten years.
"This metro area has seen a significant increase in population in recent years.
Primarily driven by expanding job markets and attractive landscapes, it is an attractive weekend destination. "As of January 2023, the median listing price in Denver was $565,000, indicating an upward trend of 6.6% year over year. Furthermore, the median price per square foot was $355.
He continued, "Aside from its strong economy and thriving job market, Denver continues to attract real estate buyers due to its prime location near major cities such as Boulder, Fort Collins, and Colorado Springs." "This central location enhances its desirability among potential investors, enhancing its prospects as a lucrative real estate market."
Raleigh-Durham, North Carolina
David said that the growing job market makes Raleigh-Durham a smart place for real estate investors. "This area known as the Research Triangle is home to prestigious universities and research institutions," he said. "Raleigh-Durham offers a diverse economy, affordable housing, and a desirable climate, making it a potential long-term investment opportunity. The median listing price in Durham was $405,000 in January 2023, up 1.5% year over year. The median listing price per square foot was $222.
"It's also a hub for high-paying jobs in healthcare, technology, and pharmaceuticals, [and is home to employers] like Duke University, IBM, and GlaxoSmithKline," he continued. "the cities have a low unemployment rate and high median household income, creating a stable base of renters and homebuyers."
Austin, Texas
Austin is a "young city," David said. "Millennials will be the largest purchasing power in Austin in 2023, and this trend should continue in the coming years."
"Furthermore, Texas has no income tax, making it an attractive option for investors looking to maximize their profits," he continued. "The median listing price in Austin was $600,000 in January 2023, up 9.1% year over year. The average listing price per square foot was $351.
Charlotte, North Carolina
The median listing price in Charlotte is currently $385,000, and according to Cammack of Coldwell Banker Cain, home prices in this area are likely to rise about 145% over the next decade.
"Charlotte is one of the best places to live in North Carolina," he said. "It gives you access to beaches and mountains at the same time. It also offers strong job growth and an affordable cost of living 5% lower than the national average."
Phoenix, Arizona
"With an increase in tech jobs offered by Uber, Amazon, Yelp, and more than 200 golf courses, Phoenix is a major draw for people from all over the United States," Cammack said. "The amazing nightlife and exclusive restaurants raise the bar to a higher level. The cost of living here is 5% lower than average, which is pure joy. However, home values have been rising at an astonishing rate here recently, and if the rate doesn't change much, you can expect a more than 130% increase in home prices in this area over the next decade.
Nashua, New Hampshire
Nashua is Verani Realty's MacDonald's Choice for the best place to buy now if you want to sell in a decade.
"Thanks to the amazing job market, real estate values in Boston and most of eastern Massachusetts have risen well beyond what the middle class can afford," he said. "This, coupled with the work-from-home trend, has led to a mass exodus (pun intended) to southern New Hampshire. In Nashua, New Hampshire, you can get double the house for half the price. Southern New Hampshire is now a booming market and will likely continue for a while. I expect a 25% to 50% gain in property value over ten years.
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