The West Coast is the best coast in many ways — and it’s especially true when it comes to these cities for real estate investing. GOBankingRates spoke with Chris Wesser, who runs Redy, a company that helps home sellers find the right agents, to find out which cities are the absolute best for property investment right now — and into the future.
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Wesser said figuring out where to buy isn’t always easy. “Predicting which real estate markets will be hot or cold five years from now is exceedingly complex, but investors can increase their odds of success if they develop a methodology and stick to it when making investment decisions,” he shared.
That said, here are two West Coast cities that might be good for buying property.
Spokane, Washington
Wesser recommended Spokane for its good job growth. It’s cheaper than Seattle but still has lots of opportunities.
People also like it for its proximity to Seattle, growing foodie scene and natural beauty. Keep an eye on Spokane.
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San Diego, California
San Diego takes the other spot on Wesser’s list — and it’s easy to see why. While it’s not as big as other California cities, like Los Angeles and San Francisco, it has a revitalized downtown area and growing tech sector.
Plus, it’s an attractive place to live, with year round good weather and some of the most beautiful beaches in the United States.
The Final Word
Wesser said there’s more to buying property than just picking a city. He advised, “Investors should also follow a disciplined process of gathering data about a market and properties of interest within that market, use low-cost methods to develop and test their assumptions, and then invest in the markets or properties where the data leads them.”
He suggested looking at things like:
- Economic Factors: Are there new jobs? Is employment increasing?
- Population Factors: Are people moving in? Are young professionals and families coming?
- Housing Supply and Demand: How many houses are there compared to people who want to buy?
- Pricing: How do house prices compare to similar cities?
Wesser added, “All of the data I just described is available from reliable sources, like the regional Federal Reserve banks, the U.S. Census Bureau, the FHFA, the Library of Congress and state-level counterparts. The secret sauce is how you interpret and test the data to draw conclusions.”
Remember, buying property is a big decision. It’s a good idea to visit these places and talk to local real estate agents before you decide to buy. Every city is different, and what’s good for one person might not be right for another.
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This article originally appeared on GOBankingRates.com: 2 Best West Coast Cities To Buy Property in the Next 5 Years, According to a Real Estate Expert
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