Many investors wouldn’t consider Boise, Idaho, to be right up there with Las Vegas, Phoenix, or Boston as hotbeds of economic activity. But three out of 10 of the hottest real estate markets for 2019 are in what many consider “flyover country,” while Lakeland, Florida, is in suburbs of two major U.S. cities.
With prices in populated metro areas untouchable for so many, the year’s hottest markets exemplify the rise of the urban outskirts as well as growth in less populated city centers. Embracing fix and flip opportunities in these regions could provide tremendous profit potential.
Buyers Embrace Nature, Culture, and Comparatively Low Prices
Of the top 10 fastest-growing housing markets, Boise is virtually a poster-child for offering all that families want in a community. With median home prices just over half the price of California real estate, Boise buyers can get picturesque mountain views, hiking, rafting, and cultural events like the Idaho Shakespeare Festival.
With both homes to buy and single family rentals in short supply, Boise house prices are rising quickly. Investors can look to team with builders and invest in speculative properties in subdivisions, either for sale or as single-family rentals.
But purchasing an early 1900s house to fix and flip can also pay off, since these properties may double in price following a rehab, especially if the property if the home is in a suburb and includes plenty of land. Entice buyers by choosing upgrades that enhance the charm of the turn-of-the-century architecture.
Chattanooga, Tennessee, similarly, boasts access to outdoor activities like hiking and rock climbing, a scenic riverside, and a music scene aiming to give Nashville and Memphis a run for their money.
Millennials May Be Moving to Michigan
Grand Rapids, Michigan, is another hotbed of housing activity, with home prices set to rise by 8.2 percent in 2019 according to Zillow. From jobs in medical research to technology, as well as Amazon’s plans to build a fulfillment center in the area, the city is ripe with employment opportunities and boasts a 3.8 percent unemployment rate, nearly half that of Detroit.
With 21.7 percent of the Grand Rapids population under 35, you might enter the market by looking for starter homes you can fix and flip. Just remember that the millennial generation’s definition of a “starter home” may differ from others. Millennials want move-in ready properties with open floor plans, lots of storage, and room to grow.
East Coast Residents Embrace the Suburbs
You don’t have to look to middle America to find great values on fix and flip properties, however. Many East Coast suburbs also deliver affordable home prices and job opportunities to attract buyers.
For instance, Lakeland, FL, is commuting distance from Orlando and Tampa, but offers median home prices approximately $100,000 lower than these central Florida cities. With house prices poised to rise by 7.4 percent in 2019, plus a strong rental market, fix and flip, or buy and hold opportunities in Lakeland are equally safe choices.
Thinking outside of city centers or away from the coasts can help you expand your investment business while supporting up and coming communities.
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