According to an article on Zillow.com, people are leaving larger more expensive cities and moving to more suburban areas, due to the recent rise in home prices. Homeowners are cashing in their equity and using that money to buy homes that on average are $27,000 cheaper to purchase.
What does this mean for Investors? Most savvy investors understand and follow the trends. So, if the trends are showing a rise in movers, moving to more suburban areas, does it make sense for an investor, to cash in on their more expensive properties in larger city’s and take their equity and purchase less expensive homes in suburban areas?
Over time homes in suburban areas will begin to appreciate and while the savvy investor is waiting for that appreciation, they can rent their suburban properties out to the renters who are also flocking to those areas.
When you are ready to cash in on your equity and buy in a less expensive area, call West East Real Estate, to get your property sold!
Seekia “kia” Morrison, Real Estate Broker & Owner
West East Real Estate
56 Washington ave.
Endicott, NY 13790