There’s no denying that inventory is short right now. The home you may have been imagining for yourself might not be available anymore. 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 find 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.
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 underperforming 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 hyperlocal 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 homebuyers 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. If you want help finding the best homes in many different neighborhoods in Miami, check out RE/MAX Paradise today and contact one of our agents!