Florida has 2 of the Top 10 cities for RE investing
Two Texas cities topped this list: Dallas-Plano-Irving followed by San Antonio. Grand Rapids-Wyoming, Michigan fell to third place, with Orlando in fourth place. Atlanta-Sandy Springs-Marietta, Georgia came in at No. 5.
“Good job growth is driving prices higher in our markets, mainly in business services but also tourism (Orlando, San Antonio), finance (Charlotte, Dallas) and manufacturing (Grand Rapids),” says Ingo Winzer, president and founder of Local Market Monitor.
While home prices have recovered in Texas, Florida and California, the report predicts that some local markets in each state are going to be over-priced in another year.
“Over the last year, we have seen an increase in population and job growth,” says David Hicks, HomeVestors co-president. “However, housing prices are increasing significantly faster than incomes. As a result, home sales are slowing, limiting the housing demand. Therefore, investors need to be careful where and when they invest.”
“Yesterday’s opportunity becomes today’s risk once prices move higher than they should,” says Winzer. “This is especially true for investors in rental properties and especially now that the deep discounts at which properties could be bought have largely disappeared.”
“Investors always need to think hard, but in this environment they also can’t afford to think too long,” says Ken Channell, co-president of HomeVestors.
1Q 2016 best markets top 10 list for real estate investing
1.Dallas-Plano-Irving, Texas
2.San Antonio, Texas
3.Grand Rapids-Wyoming, Michigan
4.Orlando, Florida
5.Atlanta-Sandy Springs-Marietta, Georgia
6.Charlotte-Gastonia-Concord, North Carolina
7.Salt Lake City, Utah
8.Nashville-Davidson-Murfreesboro, Tennessee
9.Tampa-St. Petersburg-Clearwater, Florida
10.Phoenix-Mesa-Scottsdale, Arizona