Photo Credit: Swamp Space
The neighborhood and the home of your dreams might no longer be within budget. However, have no fear! With an open mind, you can still find an amazing home. In fact, uneven real estate recovery in the nation means that a gem may exist in an unexpected area. Research finds that homes in gentrifying neighborhoods could be your best bet. Not only are these neighborhoods great to live in, their value will increase. Homes in gentrifying neighborhoods could be perfect for you to move to, or invest in. From Midtown, Wynwood, Buena Vista, Little Havana and the Upper Eastside. We have all seen it happening across Miami-Dade County. The questions is, when to buy and where?
RealtyTrac analyzed data to find the country’s best “bad” neighborhoods to invest in real estate. Four were in the Sunshine State. Miami was listed too.
“The under performing school scores and inflated rates of underwater homes in these markets demonstrates they are lagging the housing recovery seen across much of the rest of the nation,” says Daren Blomquist, senior vice president ATTOM Data Solutions. “But it’s clearly evident from this data that many individuals and institutions are betting on these hyper local housing markets to still bounce back.
“Home flipping returns are substantially above the national average, indicating strong buyer demand for fixed-up homes; construction loans are increasing, indicating increased development often at a large scale; and the share of millennial population is increasing, indicating that the pool of new renters and home buyers is growing.”
Don’t judge a book by its cover! And don’t assume a gentrifying neighborhood is bad news. Miami has many beautiful spots, and some of them may exist in places you didn’t think of. As this recent data shows, homes in gentrifying areas can be awesome investments. Which neighborhood do you think will be the next to boom? Contact me today and I will show you the way.