Buying real estate goes much further than simply finding a place to live. Buying real estate is an investment that can pay off big if you buy smart. Whether you are living in the place yourself or renting it out—investing in real estate can be a complicated experience that surpasses the world of stocks and bonds. However, in the past 50 years buying real estate has become a popular means of investing. This article will cover the top expensive cities in which to invest in real estate and the best way to buy.
The median price for a single-family home in Washington, D.C. is $383,500. Washington D.C. is not only highly competitive but as you can see, it is quite pricey. This can make buying property a bit scary and off-putting. However, real estate experts maintain that there are ways to discover property that satisfies your needs while not spending an actual fortune. Washington D.C. of course is the home of the president and many sights around the city that are well worth a visit. According to many, the pace of investment in this area of the country is very strong. If you are looking for a place to buy expensive real estate, Washington D.C. might be the place for you.
Denver, Colorado is a populous city that gains popularity all the time. The median price of a single-family home in Denver is $396,100. Those looking to find property in Denver are often met with disappointment as most people successfully purchasing homes are bidding well above asking price. This can be quite daunting as I am sure you can imagine. However, if you are determined to own property in Denver whether it be to rent or own, there are some tricks to finding something somewhat affordable. For example, it is recommended that you look at homes in neighborhoods you may not have previously considered. You might be surprised at what you find.
White Plains, NY
Buying a house in White Plains is pricey and competitive. The median price of a single-family home in White Plains is $376,800. White Plains is a beautiful city in the Westchester County area of New York. Much like with the aforementioned cities, White Plains can be a pain in the neck when it comes to buying real estate. Some tips when it comes to buying property in this area include: do not utilize FHA—it is nearly impossible. It is also smart to stay away from lawyers and again, explore neighborhoods outside of your dream area.
New York, New York
The median price of a single-family home in New York is $386,000. The price of some smaller homes in New York rival the prices of mansions in other parts of the country. Unfortunately, the bidding war that exists in this city is both fierce and highly competitive making it difficult to secure property unless you have big bucks to spend. One of the greatest things you can do to prepare yourself for buying property in New York, New York is to save, save, save some more. The more money you save the more you will have to put down on a home in the area. This can be a lot easier if you have property elsewhere that you are making money on. Who know, maybe you are a real estate mogul. In this case, you should have no issues.
Boston, Massachusetts is a popular city with a large bravado. The median price of a single-family home in Boston is $414,200. The best thing you can do here is to either get pre-approved and/or clean up your credit. Boston is quite expensive, especially the further downtown you end up. However, looking away from downtown might not be such a daunting task. If you are looking to buy real estate in Boston, try looking at neighborhoods that fall into the suburb category. Homes in the suburban area of Boston offer a lot less competition and smaller price tags.
The median price of a single-family home in Seattle is $422,100. Unless you are a millionaire then it is quite difficult to find and spare half a million dollars on a property. This is of course unless you are a real estate mogul. The prices in Seattle are skyrocketing as this is a very popular area that is only gaining traction as time goes on. However, at half a million dollars, it is not exactly easy to buy property unless you have a lot of money to spend. It is estimated to take between six and nine months for your average buyer to secure a property in Seattle. This is after being turned away three to five times. To survive the housing market here, you will want to save, plan ahead, find a broker and lender, and check out all kinds of different areas.
Naples, Florida has become quite the popular city of time. In fact, the median price of a single-family home in Naples is $435,000. In Naples, practically any home that can be bought for below the median price is worth investing in. There are those looking to own and live in property down there and those looking to rent out properties. No matter what you are looking for, even buying at the true value of a home is typically worth it. The best thing you can do to secure property in Naples is to save and plan ahead. Also, search for home that’s are away from the beach. Beachfront homes are much costlier.
As you can see…
Investing in the stock market is much simpler then investing in the housing market. However, the housing market can be much more lucrative in a shorter period of time. There are more people involved and it definitely takes more time to make an investment in real estate. If you should find yourself able to invest in expensive property in a popular city, plan on spending at least $300,000.