COVID-19 has affected most industries, including real estate. As the world shut down, so did real estate. Very few people were selling or buying homes. Everything was at a standstill. As the economy picked back up, real estate was still slow to recover because buyers and sellers were still worried about what would happen next. Were jobs secure? Would the economy make a comeback?
In the last six months or so, though, real estate has rebounded and then some. Today there is a much higher demand for homes than there is inventory to support it. Many families decided to move to make more room for their family with almost everyone working or schooling from home, and the low interest rates we’ve seen made the demand even higher.
In some areas of the country, homes are selling faster than ever before. If you are looking in any of these areas, be on your ‘A’ game and be ready to make offers fast when you find ‘the home.’ Roofstock Marketplace has some of the hottest listings to help investors make the most of their money.
1. Minneapolis, MN
Average days on the market: 28
Average sales price: $300,000
Minneapolis homes sell for 1% more or higher than the list price, and homes in ‘hot areas’ can sell for as much as 10% above the list price and in as little as ten days.
Minneapolis is one of the top 25 most affordable places to live in the United States. It has a strong job market and plenty of recreational activities for people of all ages. The weather can be a ‘downside,’ especially if you can’t handle the cold. It’s one of the coldest places to live in the United States.
2. Sacramento, CA
Average days on the market: 9
Average sales price: $425,000
Homes in Sacramento sell for as much as 2% more than the listing price and sell in less than ten days. Homes in hot areas can sell for as much as 6% over the listing price and sell as fast as five days.
The elementary schools rate very high in Sacramento while the middle and high schools rate average. Most areas in Sacramento require a car, although the city is pretty bikeable too. Sacramento is a cultural area with a little something for everyone, and it’s the Farm to Fork Capital of the United States. With more than 250 days of sunshine each year, there’s plenty of reason to move to Sacramento. Despite all its amenities, Sacramento is an affordable place to live.
3. Seattle, WA
Average days on the market: 12
Average sales price: $710,000
Most Seattle homes sell in as little as 14 days and for 1% more than the asking price. Homes in ‘hot areas’ sell in 5 days and for 3% more than the list price.
All schools in Seattle rank well above average at the elementary, middle, and high school levels. Seattle is one of the more walkable states where most people can get around without a car, and if needed, public transportation is safe and reliable there. Seattle has consistently ranked as one of the top 10 places to live despite its year-round rain. Seattle has steady temperatures and plenty of recreation to keep everyone busy. The residents of Seattle have above-average incomes, and it’s a welcoming city to live in. You can see the many options available on Roofstock Marketplace.
4. Provo, UT
Average days on the market: 14
Average sales price: $350,000
Most homes in Provo sell for about their listing price, but homes in ‘hot’ areas sell for around 3% more than the listing price and sell in about six days.
Elementary schools in Provo have great ratings, but the middle and high schools have about average ratings. Most people in Provo have a car as it’s not a very walkable city. The job market in Provo is strong, and the median household income is around $50,000. The area is known for technology and research companies, and there are many opportunities for cultural and artistic experiences.
5. Stockton, CA
Average days on the market: 7
Average sales price: $378,000
Homes in Stockton go fast, and most buyers don’t have any contingencies on the home because of the competitive nature. Homes in Stockton sell for about 1% more than the listing price, but homes in hot areas can sell for as much as 9% more than the listing price and sell in just five days.
The schools in Stockton have an average rating, and most households have at least one car as Stockton isn’t very walkable. Stockton is centrally located and is a culturally diverse area. The average temperature in Stockton is 75 degrees, and its waterways are simply breathtaking. Stockton is right in the middle of some of California’s hottest attractions, making it a great and affordable place to live.
6. Salt Lake City, UT
Average days on the market: 16
Average sales price: $440,000
Homes in Salt Lake City often sell with no contingencies since homes in the area sell so fast. Many homes in Salt Lake City sell for 1% more than the listing price, and in ‘hot areas’ homes sell for 4% more than the listing price and in just five days.
The elementary schools in Salt Lake City have good ratings, while the middle and high schools rank somewhat lower. Most homeowners in the area have a car, but Salt Lake City is pretty walkable. Salt Lake City has all four seasons, and most areas have a great sense of community. There are plenty of art and cultural opportunities; its views are amazing, and its job market is generally pretty strong.
7. Boise, ID
Average days on the market: 5
Average sales price: $445,000
Homes in Boise, Idaho, go fast and are often sold without contingencies. On average, homes sell for 3% more than the sales price and in just five days. Homes in ‘hot areas’ sell for 7% more than the listing price and in just three days.
The schools in Boise have average ratings at the elementary, middle, and high school level. Most homeowners in Boise, Idaho, have a car as the area isn’t very walkable. Boise itself is known as a friendly area with low crime rates and a close-knit community. The cost of living in Boise is also quite low, which is great for new homebuyers, and the fantastic weather and incredible views just top the cake for people looking to the area.
8. Denver, CO
Average days on the market: 7
Average sales price: $495,000
Homes in Denver sell fast. As you can see, it takes less than one week to sell them. Many homes sell for about 1% more than the listing price, but certain areas sell in just three days and for 3% or more than the list price.
The Denver area schools are highly rated at all levels, and ‘most’ homeowners have a car, although the area is walkable, which is nice for those who like to walk or bike. Denver is a hot-spot for some of the country’s best jobs, so it’s a great place to live and work. On top of that, the jobs that are in Denver pay better than most other areas even though they have an affordable cost of living. Denver’s crime rate is low, and the area is filled with plenty of recreational activities both indoors and out, but of course, it’s a great place for people who love snow sports.
9. Rochester, NY
Average days on the market: 12
Average sales price: $135,000
Rochester, NY, homes sell fast, and in many cases, sellers sell their homes with no contingencies. Homes often sell for as much as 3% more than the list price, and in some areas, they sell for 10% or more than the sales price and in 6 days.
The elementary schools in Rochester have high ratings, but the middle and high schools have average ratings. The area is walkable to an extent, but many people have cars to get around too. Rochester is an area with a tight-knit community. It’s got that small-town feeling in a big state. There are plenty of jobs and recreational opportunities, and the food is something residents rave about. There are plenty of sports and local nightlife for adults and recreation for people of all ages.
10. Orlando, FL
Average days on the market: 24
Average sales price: $290,000
Orlando, FL homes sell fast with multiple offers on each home. Many homes sell for 2% more than the list price and take around 15 days to sell, but homes in hot areas sell in about five days for the list price and sometimes a little more.
The schools in Orlando, FL, are highly rated at all levels, and most homes in the area require a car as the area isn’t very walkable. They also have public transportation, but it’s not as widely used. Most people love the weather in Orlando with its year-round sun and very mild winters. Orlando has an affordable cost of living and plenty of recreation and plenty of entertainment, including Disney World.
Bottom Line
Real estate in many areas is selling fast today, thanks to the higher demand and lower inventory in almost every area. If you’re in the market for a home, use the Roofstock Marketplace to find the hottest homes at the best prices.
Now is a great time to invest in homes as more families look to move to more desirable areas and into bigger homes. It’s an excellent time for investors to make money and earn monthly cash flow.
Read more about Roofstock: Roofstock Review
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