If real estate investors in Delaware only look at the national metrics for the U.S. housing market, they might come away with the false impression that houses are not affordable right now. Over the past three years, U.S. housing prices have increased by 17 percent. However, that statistic does not represent the housing prices for each individual market.
The most recent Coldwell Banker Home Listing Report shows that much of the growth in the U.S. housing market has taken place in California areas. In fact, 50 out of the 100 highest priced housing markets in the country are in the Golden State. Not surprisingly, the top five most expensive housing markets in the U.S. are in California, and four of those are in the Silicon Valley area.
Real estate investors who are looking for opportunities to purchase more affordable properties may want to look to cities in the Midwest. The top two most affordable housing markets are Alma, Michigan, and Detroit, Michigan, respectively. Coming in third for affordability, according to the Coldwell Banker report, is Wilkes-Barre, Pennsylvania. Riverdale, Georgia, and Cleveland, Ohio, are also among the top five most affordable housing markets.
Investing in a real estate market while the properties are still affordable and then selling when the market goes up can be very profitable. However, a lot of time and planning is required for successful real estate investing. A real estate attorney may be able to represent a real estate investor during the purchase or sale of commercial properties as well as residential real estate to ensure that the deals go smoothly and that the documents that are signed do not contain clauses that could be problematic in the future.