If I may be a bit optimistic here, it seems that in 2021, humanity will start getting back on track. It’s been quite a rough 2020, with all the consequences of COVID-19. However, a future regime change in the United States means a different outlook on how to handle and eradicate the virus – and clearly the old way wasn’t working so well. Add to that the vaccine that is set to be approved and distributed within months and you’ll see why I, Ofir Bar, am optimistic.
With this in mind, let’s take a look at some real estate hotspots in North America that experts predict will profit from this gust of positivity. I’ve chosen 4 cities across the USA and Canada, which I see as having some serious real estate potential. If you’re looking to put away some money, you may want to consider them as your next venture.
2020 saw a slowdown in immigration from small towns and the countryside to the big cities. In fact, we actually witnessed a transition in the opposite direction. People opted to leave their tiny, expensive apartments in the city center for suburban and rural living. However, many still desire to enjoy city life while searching for more affordable housing. Small cities are the perfect solution for that, and what better example than the biggest little city, Reno.
Indeed, Reno enjoyed a boom in real estate recently due to a rise in its popularity. Nevertheless, this means that real estate prices are rising, so if you’re looking to invest there, it wouldn’t be a wise decision to wait too long.
While some municipalities and councils recognized the threat posed by COVID-19 early on and took steps to prevent damage, others failed at protecting their residents. Albany, Georgia, is a good example of the former. An outbreak in the city had authorities acting quickly and responsibly, and by mid-April the percentage of people tested positive slumped dramatically.
It is no surprise, hence, that over the past few months people from surrounding cities and towns are showing interest in Albany. But word has gotten much further, and the city council is talking about some new projects to meet housing demands. This may be the time to jump on that wagon.
Vancouver, British Columbia
Whether it’s the fact that everything is easily accessible or the amount and size of green spots in the city, Vancouver constantly ranks high among the top cities in the world for quality of life. That’s why there’s always a high demand for living space there. The difference between Vancouver and other large cities is the fact that in Vancouver, real estate supply is keeping up with the pace of demand – or so it seems.
One advantage that should not be overlooked of investing in real estate in big cities is the wide array of pricing possibilities. Vancouver has it all for all kinds of investors, and I’m not talking only about housing here.
Located smack in the middle between Dallas, the largest city in Texas, and Austin, the state capital, Waco is considered by many the future of real estate investments in the Lone Star State. Only an hour and a half drive separates Waco from both destinations, making it ideal for people who work in these cities but prefer to live somewhere else.
That’s why it’s no surprise that Waco is drawing the attention of real estate investors. The surprising part here is why it’s happening only now, and my guess is that it has to do with Dallas’ bad reputation as an unsafe place to live in. People want to live somewhere else, but still need to work there or in neighboring Fort Worth, and Waco has only to gain from that (as well as you, in terms of real estate investments).
A look to the future
My name is Ofir Eyal Bar, and I hope this article was insightful to you. However, if there’s something I have learned over the two decades I’ve been investing in real estate all over the world, it is that trends are temporary. What’s popular today may be irrelevant tomorrow. You’d be surprised at how fast a real estate hotspot can become undesired. That’s why you should treat my advice as just that – advice that is relevant for today. What will tomorrow bring, and will things change completely? Only time can tell.