Looking to invest in Florida real estate? Steer clear of the biggies like Orlando and West Palm Beach, and focus on the money makers instead. These three little Florida towns have big investment potential.
Sarasota
Sarasota offers a slow-but-steady real estate investor's market. Over the last few years, home prices have incrementally increased, and the trend is expected to continue. If you're able to buy in now, before the next up-tick, you stand to make steady gains. And if you're able to locate and buy properties that are off the market, you may be able to improve your ROI.
Sarasota is a good place to buy and flip. It's also a good place to buy and hold for future occupation by tenants. Prices are going up every year. If you're in a position to buy now and rent later, that's a solid strategy, as well.
The median home price in Sarasota right now is just a bit over $268K, and it's expected to rise 2.6 percent throughout 2020. That's a quick gain of $7,000 in just a year's time.
Gainesville
Gainesville, Florida has had a difficult time rebounding from the housing drop in 2008. Hit hard, Gainesville experienced a record number of foreclosures, as homeowners were forced to simply walk away from homes they could no longer afford. But, this town is a fighter. And there's no easier place to see this than in Gainesville's housing market. Strong today and growing stronger by the year, foreclosures in this area are down, and house prices are rising. There are jobs in Gainesville, and that makes people want to relocate here to play out their roles in the American Dream.
The buyer's market in Gainesville, Florida today is hot. Home prices rose 5.9 percent last year and are expected to climb another 3.1 percent throughout 2020. The median home price here is $180,400, and rent runs about $1,300. If you're in the market for a slow-but-steady payoff, Gainesville makes the perfect investment.
Lakeland
Lakeland offers a low unemployment rate and a low cost of living, though the latter is on the rise. Foreclosure rates are still high here, however, due to the city's struggle to rebound from the housing crash that all but decimated it. Much like Gainesville, Lakeland has powered through the difficult times. You can pick up homes in Lakeland for a song, flip them, and then sell or hold them for a year to cash in on rising house values. Throughout 2020, house values are predicted to rise a startling 5.4 percent in Lakeland. So, if you purchase a home now at its median value of $199,900, you stand to turn a quick profit of nearly $11k by the end of the year.
When you're ready to invest in Florida properties, give these towns and others like them a chance. You'll be pleasantly surprised at how quickly your money comes back to you.
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