There are times when instead of focusing on selling real estate, you might want to focus on buying. There are many factors to consider, including listings that have price cuts, the sale-to-price ratio, and the foreclosure resale.
Criteria for Good Real Estate Purchases
Just because a specific rental property may appear to be a good deal, does not mean that it is located in an area experiencing enough growth to yield a return on investment. You might even look at areas where the industry wants to purchase land.
Resources for Information about Real Estate
Reflecting on 2017
If you are looking at locations where it is a buyers’ market, there are a variety of resources where you can find area-specific reviews. Niche lists the top three cities for real estate purchases in 2017 as being Plano, Texas; Overland Park, Kansas; and Rochester, Minnesota. Each city has its own quirks and characteristics that make them a strong choice. Forbes recommends the southern part of the United States as a good place to make a real estate investment. They give the #1 place to Dallas, Texas; the #2 spot to Jacksonville, Florida; and the #3 spot to Orlando, Florida. They also mention Seattle, Washington.
Looking Ahead to 2018
RealWealth projects 16 places that they anticipate being good places to purchase rental property in 2018. They give the top three slots to cities in Florida: Orlando, Tampa, and Jacksonville. Houston, Texas sits at #7 on their predictions, Chicago is #10, and Kansas City, Missouri makes it to #12. Again, there are a variety of reasons for their selection. Growth in the area ranks high on the list, as well as availability of housing, and – of course – purchase price.
Finding Good Deals Where You Live
You can find good deals almost anywhere. It is just that these particular cities have more of the criteria that will make your purchase a solid one. Check Internet listings in your area, but also read the For Rent and For Sale pages in the local newspaper. Ask the bank about foreclosures – they might very well have a prepared listing. Subscribe to a local Home Finders or similar resource, and check out their listings. Know that you can sometimes find incredible deals in unusual places. For example, one northern city was listed as a favorable place to buy rentals due to the shortage of new building space.