Reason #3, Anchorage sits between the ocean and mountains so it doesn't have enough space to build Single Family Houses for everybody. Because of this there are many multi-families in the city and they have better return on investment and there are great tenants!
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Where should you invest in real estate? If you know an area well, and have enough experience investing in real estate, you can make money almost anywhere. However, there are always places that are better or worse for real estate investments - places that have a better demand/supply ratio. Use the questions below to find them.
1. Is the population growing fast? Check the US Census figures online, or ask the local government if they have the statistics. Stay away from areas that have little growth or little job growth.
2. Is job growth decent? Again, ask local authorities or use the census information. You want to see job growth equal to or exceeding population growth. The people have to have money to pay for housing. Right now, areas with little or no jobs are not growing because high oil costs are forcing people to move closer to town and thus, closer to their jobs.
3. Decent quality of life? This is subjective, but important. Are there theaters and bookstores? Count coffee shops and cafes. Trendy areas usually have increasing demand for housing. It's also a good indication of a high quality-of-life if people are willing to take lower-paying jobs just to live there.
4. Wealth in the area? It is always a good sign when there is some degree of wealth in a town. Count rich homes. Wealth means everything doesn't die when the economy slows.
1. How much new construction? The census figures can tell you what's happened over the last ten years. Then check with the local authorities to see if the number of housing units they've issued permits for is more or less than the expected population growth.
2. How many homes for sale? A lower supply of homes for sale means upward pressure on prices. This indirectly drives up rents as well, which makes for better investing.
3. Rent and vacancy levels? Are rents high enough to justify investing? Are vacancies low?
4. Available land that is buildable? Less is better for future appreciation. When the land runs out, the prices start accelerating upwards.
Use these questions to compare various towns and cities, and you'll see the differences more clearly. You'll see how housing demand compares to supply in each. Finally, you'll see where it is better to invest in real estate. Give me a call today if I can help you in your real estate search here in the valley.
Mark R. Hardy, REALTOR®, CSSPE®
DPR Realty, LLC.
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