Real Estate Survival Guide with Terry Story
Business:Investing
Steve spoke with Terry Story, a 30-year veteran at Keller Williams. In this installment of the weekly Real Estate Roundup, Steve and Terry talked about some of the most popular places to invest in real estate, who’s investing, and why.
The Hottest Places To Invest Right NowA lot of real estate is being scooped up in places that might make you scratch your head. On the list? Orlando, Las Vegas, and throughout Arizona. But why? These markets grew fast and were severely overbuilt which means they started to perform poorly- too much supply for the demand.
Initially, people were getting mortgages right and left, namely people who didn’t really deserve the deals they got. As demand for inventory dropped, the markets in these areas crashed. Now, though, there’s plenty of inventory up for grabs and demand is climbing. Homes are actually affordable.
These are also warm areas, which tend to be ideal spots for people who are retired and trying to downsize.
The MidwestTwo more areas in great demand? Places in the Midwest. The entire state of Colorado is seeing a massive influx of people putting down money on homes. Technically, Colorado falls just outside of the traditional Midwest region, but because it borders traditional midwestern states like Nebraska and Kansas, it can easily be considered part of the region. One reason for this influx? There is temptation to believe that it’s because marijuana is legal there. But the reality is that Colorado has so many diverse and temperate cities, there’s a lot to love about living there.
Perhaps the most shocking “hot” place to live right now is Ohio, Cleveland specifically. A lot of money is being poured into areas like Cleveland, and with bedrooms communities around a fairly clean and livable major city, Cleveland is almost a dark horse in terms of real estate.
The SouthTexas also being on the list of hottest places to invest in real estate shouldn’t be that surprising. Despite the serious weather issues Texas typically faces – hurricanes, flooding, and extreme heat – the state has constantly been a magnet for home buyers. Why? Housing prices are notoriously good there. You can get a lot of bang for your buck, in terms of property size and square footage.
The Cyclical Nature Of Real EstateAs always, keep in mind that the real estate market is cyclical. An important take away here: watch out for procrastinating. A lot of people sit around and wait for the next recession to start making moves. This is a little backward thinking because you really miss out on the averages.
The truth is that most returns come when the market starts to expand again. Recessions, today, are much shorter than they used to be. If you wait for these, the cost of missing out on bigger opportunities during the wait might prove very frustrating.
If you’d like to learn more about buying or selling a home, or to learn more about Terry, check out Keller Williams!
July 12th - It’s a Seller’s Market for Now, But Things Could “Flip”
July 5th - Increase In Fannie Mae’s Debt To Income Ceiling Should Make Your Next House Easier To Buy
June 28th - Why Are Millennials Buying Homes Rather Than Renting Them?
June 21st - How Will Eliminating The Property Tax Deduction Affect You?
June 15th - It’s Hurricane Season Again! Do You Have The Right Insurance?
June 7th - The Stress Of Moving Is Keeping People At Home
May 31st - Low Housing Inventory Is Frustrating Would Be Buyers
May 24th - Looking For A Retreat? How About Vero Beach?
May 18th - Home Sales And Prices Spring Forward
May 10th - How To Guarantee A Return On Your Home Improvement Investment
May 3rd - What To Do When Your HOA Goes Rogue
April 26th - What Do Bankruptcy And Your IRS Refund Have In Common?
April 19th - The Home Affordability Crisis: Are You Being Priced Out Of The Real Estate Market?
April 12th - Worried About Thin Credit? Get Back On The Grid!
April 5th - Real Estate Prices Are Higher Because Of Millennials Buying Homes
March 29th - How To Buy A Home When You Already Own A Home
June 21st - How Will Eliminating The Property Tax Deduction Affect You?
Aug. 9th - Think Outside The Box To Win In Today’s Tight Housing Market
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