We've lived in the Tri-Cities area of Southeast Washington for four years. We moved here to semi-retire. We cashed-in on properties we owned in Southern California and Mammoth Mountain California, and bought into our current market with the purchase of several multi-family properties. We expected to live off the rental income and didn't expect much by way of appreciation. We've been pleasantly surprised. All our multi-family properties have increased in value by an average of at least 25%, and the house we live in has nearly doubled in value. All this happening while the rest of the nation's real estate market is in dire straights.
Hot Investor Market
Like most markets, foreclosures have hit us too. This has created a prime environment for the real estate investor of multi-family properties. With interest rates higher than years past and foreclosures occurring, the demand for rental units is increasing. Couple this with low to non-existent multi-family building permits being drawn, a landlord's market is on the horizon.
Big Box Stores
Let's add to the mix the phenomena of the 'big box store.' Big box stores are the anchors of a community, the Wal-Marts, Targets, Lowes, etc. Only after careful consideration and study of the area's future, these big box giants accept the risk and make the move. Well, we've got big box stores popping up all over the place. Another indication our area has a promising future.
Latest Single-Family Housing Numbers (as opposed to Multi-Family numbers)
Despite the foreclosures and the stabilizing, perhaps increasing interest rates, coupled with tighter restriction coming from lenders, Tri-Cities is a happenen' place! The latest numbers show single-family homes up approximately 3% in Benton and Franklin Counties. You can read more about our market in an article from our local newspaper titled, Home Sales Keep Pace.
Consider the market when choosing the location of your next investment property. As always, The Lane Real Estate Team is here for the investor, as well as the person looking to purchase a single-family home to reside in. All of Tri-Cities' properties can be searched using our MLS Search tool.