So many people talk about how “this place is the next Miami” or “that place is growing as quick as Brooklyn”, but usually by the time you hear that, it’s too late.
It’s not easy, but there are certain signs you can look out for to see if an area is about to blow up in population growth and become a real estate goldmine.
You could be looking at one right now in one of the areas you’ve considered investing in, but you just don’t know it.
Use this list of 6 signs to find your next goldmine…
1. Younger people and artists are flooding the area.
This may seem vague, but there’s a simple idea behind this. Artists and young people flood to areas that are low cost and they use their talents to beautify the neighborhood.
A prime example of this can be seen in New York City’s neighborhood of SoHo.
In 1993 the average price per square foot for a condo was $182. Today the price per square foot is over $1,500.
So, what I’m saying is: if you bought a $182,000 property in 1993, your equity would add up to more than $1.5 million today.
2. Signs of major renovation and infrastructure upgrades
If a city is willing to invest money into the area, others will follow. You can stay apprised of these situations by attending town meetings.
If you pick up on this, your gains could be SUPERCHARGED.
3. Major retailers popping up
These companies spend a lot of time and money researching an area before committing to a location.
So, if a large retailer is headed to the neighborhood, it’s a good sign of serious growth potential.
4. Proximity to other popular areas
Many times, people get priced out of an area, so they look in areas just outside that share similar characteristics.
5. Pockets of buyers’ markets
These markets can be found by looking in areas where property values are falling, inventories are high, and closing percentages are low.
This will ensure that your investment generates a positive return from the off.
6. Rising rents
This is one of real estate’s best indicators. It shows early signs of growing demand for the area.
This will guarantee your investment is growing.
These are some of the signs I look for and believe will identify your next real estate goldmine.
