People use different criteria and steps when looking to invest in homes. Some seek out mortgage brokers before they find a home so they know how much they will be able to afford. Others do a lot of research before they even consider what home they are going to buy. The Great Recession of 2007 taught everyone to be more proactive when it comes to buying a home, even as a rental property.
One of the strategies employed is a direct result of the recession, and it involves getting information about the condition and amenities of a particular area before beginning a search for real estate. For 2016, some areas are definitely standing out above others simply because of an increase in employment numbers, some of which show signs that the recession is finally in our rearview mirror, at least for the time being.
Florida Cities See Significant Population Growth
Orlando, Fort Lauderdale, Cape Coral, and Tampa have all seen increased growth in recent years. These cities were once popular for vacationers and retirees, but the recession made those same groups tighten up on their purse strings. Today, more people are gravitating back to Florida for retirement and vacation needs. The housing market took a serious hit in their absence, so housing prices dropped considerably. Now that property prices are much more affordable, this area is creating ripe opportunities for investors or families looking to purchase a new home.
Michigan Gets Medical
Michigan found a way to boost its job growth by relying on the needs of the medical and aeronautical industries. Today, cities like Grand Rapids have realized a significant increase in jobs that pertain to the development of medical supplies and technology. The population has also grown as a result, since people are flocking to the area to fill job openings.
Texas was not hit as hard by the recession as other states, but the decrease in gas prices and the increase in job options has definitely contributed to its recent development. San Antonio is becoming well known for its data and financial growth, while Austin is breaking into high tech markets. Dallas has recently welcomed Toyota, Liberty Mutual, and State Farm into the fold. These are some of the largest cities in Texas, and they now have a multitude of job openings to fill, making Texas a rather pleasant and comforting option when it comes to looking for real estate for personal use or as an investment.
As job growth and population growth go hand in hand, people are looking for places to live in these areas that are experiencing growth. For 2016, these are some of the best areas for buyers and their mortgage brokers to consider. Where there are jobs, there are people, and those people need homes.
If you’re looking for a new home in one of the areas mentioned above, but have yet to secure financing, the mortgage lenders at Anmtg.com would be happy to help. To reach out to one of our mortgage providers, feel free to give our team a call today at 773-305-LOAN (5626).