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Limits on the supply of new land and buildings factor heavily, but even more important are the trends in household income. The affulent will always desire to live in places like New York or San Francisco, but what are the hot spots as far as cities where property is going to appreciate the most? That's a great question.
Desirable Cities
- San Francisco
- Los Angeles
- Seattle
- Boston
- New York
A new list has come out - the best places to live - using this data you can, as an investor, dig out some interesting information and this will enable you to make good decisions about where you want to buy property and the areas that will or are hot.
Right now, everything has been turned upside down, as the real estate market has crashed. But real estate is really a regional or local market. There are some diamonds in the rough and now is a good time to find property at lower than expected rates. Homes are sitting on the market for longer periods of time.
I have a friend with a home in Eagle, Idaho, and the house next to his has been on the market for nearly a year - a million dollar home where the seller won't budge on price - but soon he may have to. It's an ideal home that sits on a ridge, no one can build behind him and he has a great view of the mountains with top notch schools nearby and Boise just 20 minutes away.
With the market in an upheavel, the savvy investor who's saved his money, and isn't stuck holding properties in saturated markets, there's an opportunity for some good successs. One thing that's happend is the rental market has become more competitive, and that's good for property owners - rental prices are going up. Those who've had to foreclose or sell their homes need a place to live, and for the most part those people are now renting.
What's Hot
There are always top ten lists, whether they're from Yahoo, CNN Money, or Forbes, the places where you should buy real estate they say. Every few weeks there are new cities that haven't been hit as hard by the crash and touted as hot real estate markets. But take heart to your ideals. Real estate is about location, schools, employment opportunities in the area, uniqueness, buying at the right price, and timing. Don't forget about these fundamentals when choosing where you want to buy property.
Don't foget to figure out what type of investor you want to be. Ideally, you want to own property near where you live, unless you have a trustworthy property management company that can handle everything for you.
Other Cities Outperforming
- Panama City, FL
- Vero Beach, FL
- Bridgeport, CT
- Lakeland, FL
- McAllen, TX
- San Luis Obispo, CA
- Manchester, NH
- Wilmigonton, NC
- Fort Collins, CO
- Atlanta, GA
Source: Business 2.0 & Forbes
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