If you’re looking to buy real estate as an investment property, or just with the intention to sell down the line, where you buy will make all the difference in how much this investment will pay off. When it comes to looking for the places where home prices are set to skyrocket, real estate agent and cast member of Bravo’s “Million Dollar Listing” Josh Altman said there are a few key factors to look out for.
“Predicting which cities will see home prices skyrocket means looking at economic growth, population trends, infrastructure developments and real estate dynamics,” he told GOBankingRates.
Cities To Buy Real Estate Before Home Prices Skyrocket
Altman — who is the co-founder of Redy , a marketplace that rewards home sellers for selecting an agent who best aligns with their sales goals — said to keep an eye on five cities in particular: Atlanta; Dallas; Orlando, Florida; Phoenix, and San Diego.
“These cities are booming with economic growth, rising populations, strong job markets and great affordability,” he said. “We see huge potential here.”
On the other hand, there are signs to look out for that could indicate an area’s home prices are about to plummet.
“In the near future, we’re going to see some areas where home prices take a hit,” Altman said. “We’re talking about places that are dealing with economic struggles, population decline or oversupply of housing. When people start moving out because the cost of living is too high or jobs are drying up, the market’s going to feel it.
“Also, areas that were overbuilt during the boom times might see a correction,” he continued. “It’s all about watching those key indicators and staying ahead of the curve. If you’re in the game, you’ve got to be smart and strategic about where you buy and sell.”
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