Over the last few years, Travis White Newport Beach Real Estate has expanded beyond his general area to begin investing in Idaho. Many of his contemporaries thought he was crazy at the time. However, Travis White Newport Beach Real Estate has always been a bit ahead of the field and can quickly understand various trends.
The Reasons Behind the California-to-Idaho Exodus | Travis White
His instincts proved right – a growing number of California residents are moving out of the state. Recent early examinations of the Census found that more people were moving out of the state for the first time in many years than into it. Travis White Newport Beach Real Estate was not surprised by this change because it is one that he has predicted to begin occurring very soon.
The most significant influence behind this change is the overpopulation of the state. While there are many relatively rural areas of the state, Travis White Newport Beach Real Estate knows that most people move to Los Angeles or San Francisco. As these areas become more populated and vital for the region, Travis White Newport Beach Real Estate predicted a tipping point would occur.
This tipping point is centered around a few factors – availability of properties, property purchase or rental costs, population density, and available work. And while Travis White Newport Beach Real Estate knows that California still provides many jobs, property costs and population density has become much too high. As a result, many Travis White Newport Beach Real Estate customers are selling and heading to Idaho out of the state.
This growth has become exponentially higher since the outburst of the Covid-19 pandemic – since March 2020, 194 percent more people move to the state than out of it. And thousands of these individuals came from California. Travis White Newport Beach Real Estate fully understands why so many people choose this area and have jumped on the possibilities to expand real estate options.
First of all, Idaho is both relatively light in its population density and more urban than many may think. Travis White Newport Beach Real Estate knows that cities like Boise attract those who want a slower-paced urban life, which still features many jobs. And while the state is less populated than California, Travis White Newport Beach Real Estate also points out it is nowhere near as sparse as Montana or North Dakota. These two states often feel too remote for many people.
For the average Californian, Idaho balances less populated living with more potential for an urban lifestyle. Travis White Newport Beach Real Estate has heavily invested in property around here for this reason and has heavily marketed it to those in California who are struggling. Travis White Newport Beach Real Estate has found that millennials love the change to Idaho life in particular.
Travis White Newport Beach Real Estate is always watching the trends that shape the market and has been right when predicting many bubbles and subsequent bursts. And in 2021, he anticipates a large number of potential issues that may complicate your buying and selling trends.
What Issues Travis White Newport Beach Real Estate Expects in 2021
With the rise of Covid-19 and its financial impact on many markets, Travis White Newport Beach Real Estate anticipates many significant changes to the real estate field in 2021. The first thing you’re likely to see, he says, is very low-cost housing. This problem will occur because there will be many unfortunate foreclosures that cause financial difficulties for many during this time.
And Travis White Newport Beach Real Estate anticipates that this cheap real estate will be available in many towns and areas across the nation, providing a unique possibility for the savvy buyer. However, Travis White Newport Beach Real Estate also states that low-cost real estate has a significant downside that may not be easy to understand unless you take a more in-depth look at the market.
First of all, inexpensive housing creates an expectation of low costs for the buyer. In a sense, the idea of “supply and demand” goes against the seller, Travis White Newport Beach Real Estate says. If there are a large number of inexpensive houses, trying to flip a home at a higher price is going to be very difficult because so many other competitors are going to be available attempting the same thing.
Renting Will Go Up | Travis White Newport Beach Real Estate
Another major trend Travis White Newport Beach Real Estate sees for 2021 is the increase of renting single-family homes rather than purchasing. This trend has a lot to do with the economic slowdown caused by Covid-19. However, it also has root causes in movements that have been prevalent in recent years, ones that Travis White Newport Beach Real Estate worries may make buying and selling harder.
First of all, single-family homes are popular to rent because few people want to share a home with anybody. Travis White Newport Beach Real Estate has seen the rise of multi-family dwellings in overseas markets because of space limitations. But in America, where population density has yet to reach the levels of Japan or Europe, Travis White Newport Beach Real Estate sees more people flocking to these homes.
And renting is an obvious benefit for families who can’t afford down payments on a home. Travis White Newport Beach Real Estate worries about this renting trend because renters are rarely long-term, and some may leave a house in bad condition when they move out at the end of their lease. While it is true that renting creates more passive income for the owner, Travis White Newport Beach Real Estate worries it may not be enough for the costs it causes.
Travis White Newport Beach, real estate expert, discusses the pros and cons of investing in waterfront property.
Travis White Newport Beach Real Estate: Pros of Buying Oceanfront Property
There are many reasons people buy waterfront properties. However, you may not realize the financial gain potential, according to realtor Travis White, Newport Beach real estate specialist.
Appreciation: Waterfront properties often see the highest rates of appreciation. When real estate is booming, people looking for vacation homes often bid up the prices in communities such as Newport.
Good Investment: Travis White Newport Beach real estate investor noted that many people buy waterfront homes for vacation rental opportunities. That way, they can make money off the view even if they are not there to enjoy it. Often, money from rentals can cover the cost of mortgage and upkeep on the home throughout the year.
The View: When you buy a waterfront home, you pretty much have a permanent view guaranteed. The same cannot be said of new construction and in land development. Someone can always build a bigger building to block your view, according to Travis White, Newport Beach real estate realtor.
Travis White Newport Beach Real Estate: Cons of Buying Oceanfront Property
There are also disadvantages to buying waterfront property, including the following:
Added regulations: Travis White, Newport Beach real estate expert, cautions investors to work with real estate professionals who know the area. That way they can familiarize themselves with specific roles in the area. For example, some areas have organizations that have approval power over what you can do to the home. These groups may restrict certain renovations and size improvements.
Privacy Concerns: Having a home on the water gives you a priceless view. However, if you live on a public beach, you may see strangers walking past your home. Any vessels passing by the home can also see your property and may be able to see into the home. Travis White of Newport Beach real estate suggests adding shades for privacy.
Climate Change: Travis White Newport Beach real estate investor, cautions prospective buyers to find out about recent weather patterns and sea-level changes. If possible, it may make sense to buy homes on higher ground.
Travis White, Newport Beach real estate believes the real treasure of beachfront property transcends the monetary value of the home. Waterfront homeowners have a view that asks as a balm for the mind and spirit despite the potential risks.
Getting Involved in Real Estate Investing is an Attractive Option To Many People and Travis White Newport Beach Real Estate Is Here To Discuss a Few Top Tips
It is important for everyone to make sure they diversify their investments. In addition to reviewing stocks, bonds, and mutual funds, everyone also has to think about other investment vehicles as well. This includes real estate. Travis White Newport Beach Real Estate is one of the top investors in the world of real estate and he is here to review some of the top advantages and tips when it comes to real estate investing. There are a few key points that everyone has to keep in mind.
Travis White Newport Beach Real Estate Reviews the Advantages of Investing in Real Estate
First, it is critical for all prospective investors to listen to Travis White Newport Beach Real Estate when it comes to the advantages of investing in real estate. First, real estate is something that generally appreciates in value. It should go up in its overall worth when compared to a car, which is also a large purchase but tends to drop in value over time. Second, investing in real estate provides two separate ways to make money. Travis White Newport Beach Real Estate knows that real estate can appreciate in value, called capital gains, but real estate can also be used to generate income in the form of rent.
Travis White Newport Beach Real Estate Highlights the Importance of the Rental Market
With rental income in mind, before anyone buys anything, Travis White Newport Beach Real Estate wants all investors to consider the local rental market. Investors have to make sure they can get enough rent to cover the cost of the mortgage. Otherwise, investors will simply be losing money. Therefore, Travis White Newport Beach Real Estate wants all investors to make sure they have a strong network in the local area. This will help investors make sure they make the right decision when it comes to which property to buy in the local area. Local knowledge is important in the world of real estate investing.
Travis White Newport Beach Real Estate Explores the Options for Real Estate Investors
Finally, Travis White Newport Beach Real Estate also wants people to know about their options when it comes to real estate. Particularly in the local area, there are lots of investment options available. For example, some people like to stick with single-family homes while other people might want to reach for condo buildings. There are also apartment buildings and commercial properties in the local area. Travis White Newport Beach Real Estate wants to make sure that people know what types of properties there are so that they can make a decision that is right for them.
Travis White Newport Beach Real Estate discusses the recent trend of Californians packing up and moving to Idaho.
California is the third most expensive state in the country according to World Population Review. Unfortunately for many Californians, that means they’re being priced out of their homes, neighborhoods, and favorite cities. Travis White Newport Beach Real Estate recently discussed the increasingly popular trend of Californians moving to Idaho.
“We’re seeing what real estate experts have called an ‘echo boom,'” Travis White Newport Beach Real Estate said. “This particular echo boom involves Californians leaving the coastal state for landlocked ones.”
Travis White Newport Beach Real Estate explained that Californians are heading to inland cities, like Reno, Nev., Phoenix, Ariz., and Boise, Idaho. Boise, Idaho was recently ranked the No. 1, best place to buy a house by Wallethub. Travis White Newport Beach Real Estate described that Boise is becoming increasingly popular for its low prices, lack of infuriating traffic, lower taxes, and lesser threat of natural disasters, like wildfires. In 2018, Forbes marked Boise as the fastest growing city in the United States.
“It’s as simple as supply and demand,” Travis White Newport Beach Real Estate said. “Places in California are becoming so expensive, people are seeing moving to a less expensive destination as a way to preserve their wealth or simply live a more enjoyable life with less financial straining.”
Travis White Newport Beach Real Estate explained that the median price of a home in California is now more than $600,000. The average cost of a home in Boise is around $300,000, and this number has recently risen due to the increased demand from Golden State citizens. Californians are seeing these lower home prices as a way to enjoy more financial freedom. For many, this means a more comfortable home, more family vacations, or the ability to pay for a child’s education.
“People aren’t just moving out of California to buy homes in other, less expensive states. They’re trading California’s extremely high rent prices for drastically more affordable ones too,” Travis White Newport Beach Real Estate said.
Travis White Newport Beach Real Estate emphasized that it’s not just homebuyers that are moving out of state. Renters are finding California’s rent prices impossible to pay at times. The median rent price in some of California’s major cities can reach more than $3,500 per month, while a similar home in Boise would cost less than $1,500 per month.
“We’re seeing this new trend have an affect on home sales and purchases. However, we’re also seeing it affect landlords, as their renters are heading out of town too,” Travis White Newport Beach Real Estate said.
Travis White Newport Beach Real Estate explained that California’s high home purchase and rent prices are in part due to the high demand for housing in California. He stated that while trends are showing Californians moving to more cost-effective, the state is still seeing citizens from across the country pouring into its towns and cities.