American voters chose to reelect Donald Trump, former president and real estate magnate, to the White House in the 2024 presidential election. What does this mean on the tail of years of an unstable real estate market defined by intensive regulation and high mortgage rates?
President-elect Trump campaigned on promises of far less regulation in home construction as well as lending, with the hope that this will stimulate much more growth in the housing market, compared to what America has seen over the last several years. This would, in theory, lead to increased homebuilding and greater ease in home purchasing.
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According to MarketWatch, though, critics argue that Trump’s proposed implementation of tariffs upon imported foreign goods will lead to a spike in home prices and even higher mortgage rates than America has now.
Navigating these pros and cons of the real estate market under Trump will likely be somewhat tricky. As such, potential buyers should specifically focus on positive real estate markets to make their efforts somewhat easier. Luckily, the folks at Norada Real Estate Investments recently put together a list of the best real estate markets in America. From that list, GOBankingRates culled the top three — here they are.
On a state level, here are three states to buy property in the next five years.
Charlotte, N.C.
A representative from Norada said that Charlotte is a city driven by a very healthy economy comprised of the finance, healthcare and tech industries. Because Charlotte’s population is booming, rental rates are also increasing, showing what the representative called “steady, sustainable growth.” Buying real estate in Charlotte now and either flipping it later for a higher price or developing it into rental property, would likely be a very lucrative endeavor.
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Nashville, Tenn.
While Nashville will likely always be famous for its rich history as a haven for America’s country music scene, it is also a city with a thriving tourism industry and booming healthcare business and an expanding technology sector. Additionally, much like Charlotte, Nashville has an increasingly large population, which necessitates more and more real estate. If ever there was a time to invest in real estate in Nashville, it would be now.
Austin, Texas
Even more so than Charlotte and Nashville, the tech industry is a massive, massive part of Austin’s economy, which serves as a magnet for tech professionals who flock to the city. As Norada’s representative explained, “While competition is fierce, the potential for significant returns makes [Austin] a market to watch for those who can navigate the high-demand environment.” Additionally, with the possible deregulation from the Trump administration, there may be no better time to invest in real estate in Austin — or Charlotte and Nashville — than right now.
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This article originally appeared on GOBankingRates.com: 3 Cities To Consider Buying Real Estate Based on 2024 Election Results
