Investors in search of growth markets have been attracted to the real estate market in many Western cities. The three markets offer very different opportunities depending on the strategy you choose.
Many of the reasons Americans moved to the west in the 1800s were gold rushes, wide open spaces, and a fresh start. The west is still a symbol of untapped potential today, if you know what to look for.
Everybody wants to know about the next big market.
California is a market that has a lot to offer for real estate investors. There are many other markets that offer real estate investment opportunities. Markets still offer an exciting upside, including lower taxes, growing population, job prospects and more. Las Vegas, Seattle and Denver are all expected to continue growing.
Consider these Western markets as your next investment option.
Las Vegas, Nevada
Las Vegas, the largest city in Nevada is known as the entertainment capital of world. Las Vegas has spent the majority of its history growing. In 1900, there were less than 5,000 people in the city. The Las Vegas metro region is home to more than 2.3 millions people. Investors are attracted to the area for a variety of reasons.
- Retirement is a great option for retirees who have fixed incomes. They can take advantage of tax laws and the weather in Vegas. This could be a double benefit to your business as an investor: both from a tax standpoint and the influx of people looking for housing.
- Tourism. Las Vegas has a lot of tourists who come to the city. Some investors are pursuing short-term rentals, where people stay to attend conventions, sporting events, world famous casinos, restaurants and more.
- “Affordable”, house prices. When compared with a California housing market, houses seem more affordable. Zillow reports that the average house price is $447,500. This represents a 30% increase over the last year. It shows the strength of the market, which is higher than the national average. The price trend will show you that there is upside, whether you flip or buy and hold.
Its business-friendly tax law, status as a top tourism destination, and its price point makes it an exciting place for real estate investment.
Seattle, Washington
Seattle is another market that has potential for investors in the West. Washington State has no income taxes and offers many opportunities for business. The city’s population is also attracting more residents. This means there are many more renters and buyers on the market. Seattle’s real estate market is set to continue its success.
- A leading innovation center. Many large companies are located in the city and they are always on the lookout for talented employees. Seattle’s economy is strong because it’s home to many of the largest companies in the world, including Amazon, Starbucks and Microsoft. These companies create a lot of well-paid jobs which in turn drives up demand for housing.
- A varied economy. This city has one of the most important international ports in America, as well as a vibrant life sciences industry. Seattle is home to a wide range of industries, which offers investors protection during economic downturns in certain fields.
- Seattle is a college town. Seattle offers a great combination of colleges and jobs, creating countless career options for young adults. Seattle is home to some of the best colleges, including Seattle Pacific University and Seattle University. These schools provide a wide range of degrees which can lead to careers within the tech industry, healthcare or business. Rent is available to students at colleges. The average cost of a room in a college is $2300.
The average home value in Seattle is $980,000. This may seem pricey to investors in Texas. Seattle may be a good investment for those who live in San Francisco where the average house costs $1.6million.
Sundae can help you invest outside of your state
Real estate investors can tap into the rapid growth of the western U.S. market with a Edge Membership and Sundae Marketplace. Sundae offers investors tools and resources to help them overcome the challenges of long-distance investment. Search through auction-style listings that include title reports, photos of the external and interior property, and 3D floorplans. Our investor advisors will help you at every stage!