Whether you’re saving to buy a house, waiting for mortgage rates to fall or planning a big move in the next few years, researching the market now can help you decide where to invest later.

“While no one can predict the market with absolute certainty, the patterns we’re seeing now offer some valuable clues,” said Yawar Charlie, estates director of Aaron Kirman Group at Christie’s International Real Estate and cast member of CNBC’s “Listing Impossible.”

Based on current market trends, GOBankingRates spoke with experts who shared which states to avoid buying property in the next five years and why.

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California

Stunning scenery, a vibrant culture and near-perfect weather make California so appealing, but the affordability is an issue.

“As a real estate broker in Los Angeles, I’ve observed some trends that suggest certain states might become less attractive for homebuyers over the next five years,” Charlie told us.

“It’s not just the high cost of living here that’s a problem. The state also struggles with issues like wildfires and droughts, which can make homeownership even more challenging and expensive,” he explained.

“Additionally, the tech boom, especially in areas like the Bay Area, has driven housing prices to astronomical levels, pushing many to seek refuge in more affordable states.”

Rachel Stringer, a Realtor at Raleigh Realty, added, “Demand continues to outpace supply, keeping inventory tight drastically.

“This supply crunch, coupled with slow wage growth, raises affordability concerns over time,” she explained. “As costs rise faster than incomes, keeping up with mortgage payments could become increasingly difficult.”

Florida

For many retirees, Florida is a sunny paradise, but one bad storm can quickly make things a nightmare.

“The state’s location makes it extremely vulnerable to hurricanes and rising sea levels driven by climate change,” Stringer told us.

“Serious considerations include rebuilding costs, disruptions and escalating insurance premiums due to storm damage. Coastal properties may lose substantial value if they become uninhabitable due to rising sea levels.”

Illinois

Known for its big cities and expansive farmlands, Illinois is a major manufacturing center for food, chemicals, rubber products and more.

According to Charlie, though, the state is in trouble:

“Illinois, and specifically Chicago, faces significant financial woes,” he said. “The state has some of the highest property taxes in the country, and Chicago is grappling with a high crime rate and budget deficits, leading to cuts in essential services and increased taxes. These financial strains make it difficult for residents to justify staying when they could find a safer and more financially stable environment elsewhere.”

Louisiana

With its reputation for good times, delicious food and rich culture, Louisiana is a state people enjoy. However, according to Tony Mariotti, founder of RubyHome, you might want to rethink real estate investments there.

“Louisiana is highly susceptible to climate change impacts, such as hurricanes and flooding. These risks can lead to higher insurance costs and potential property damage,” he said.

“The state also struggles with lower job growth and economic diversification, making it less attractive for long-term investments. Infrastructure issues add to the challenges of property ownership here.”

New Jersey

New Jersey is another East Coast state you might steer clear of when buying property.

“Besides the high property taxes, New Jersey is dealing with an exodus of major corporations, which impacts job availability,” Charlie explained. “The state also has some of the highest health insurance premiums in the country, adding another layer of financial stress for residents. Furthermore, the congestion and traffic, especially for those commuting into New York City, can be a daily frustration.”

New York

Another infamously high-priced state is New York, which Charlie revealed has major issues beyond the cost factor.

“Beyond the high property taxes and cost of living in New York City, there’s also the matter of aging infrastructure,” he noted. “The subway system, for example, has been notorious for delays and breakdowns, making daily commutes a headache. Plus, the pandemic has shifted many jobs to remote work, reducing the need to live in or near the city and prompting many to relocate to suburban or even rural areas.”

West Virginia

West Virginia is known as a coal country, but the industry is declining, which has  “economically devastated many parts,” Stringer said. “As jobs dry up, the population drains in these small towns, leaving little demand for housing. Homeowners may struggle to find buyers willing to pay a fair price.”

Source: Yahoo News

The post 7 Worst States To Buy Property in the Next 5 Years, According to Real Estate Agents appeared first on Amora Escapes.

Buying a beach house in San Diego, as a full-time home or a vacation property, is an exciting undertaking. With 70 miles of coastline and over 100 named beaches, San Diego is the perfect spot to look into a California beach home. Living in San Diego has plenty of perks, too, like its accessibility, great climate, and expansive food scene.

As you look into beach houses for sale in San Diego, you might be wondering what the process of buying a home in San Diego looks like, how to find the best San Diego homes, and more. That’s what we are here for! Let’s talk about living in San Diego, searching for properties, and what buying a beach house could look like for you.

Living in San Diego, CA

San Diego offers the perfect balance of beach, city, mountains, and great food and shopping. Really, it’s a great place for people of all ages and this can be seen throughout the diverse communities and suburbs of America’s Finest City.

While there are plenty of inland areas to choose from, who wouldn’t want to live at the beach? There are such a wide variety of areas in San Diego that overlook the ocean, each at a different price point and with different pulls.

You might find that somewhere in North County like Encinitas or Carlsbad offers the laid-back, surfing-centric atmosphere that you desire. Or maybe it’s Point Loma’s cliffs, proximity to downtown, and wonderfully hilly streets that call to you.

No matter where in San Diego is calling to you, you’re never going to be far from a cute, beachy coffee shop or a fun, budget-friendly happy hour spot.

Finding Displayed Property Listings

You can turn first to sites like Redfin, Zillow, and Realtor.com to help support you in your search for the perfect San Diego beachfront property. If you don’t have a super specific preference for where you’ll end up, this could be a great way to narrow your search based on price and proximity to the ocean alone.

If you do want to get a feel for the area you’ll be in, you should plan to take a trip to San Diego, if possible. Or, if you are already living here, spend a few days at different beaches and walk around the different downtown areas nearby to get a sense of which coastal suburb feels like the one for you.

The next step beyond doing your preliminary research is going to be to look into hiring a realtor or real estate agent to help you with your next steps.

Using a Real Estate Professional

You may be wondering if you even really need a real estate professional to help guide you in your search. While you don’t technically need to have someone representing you in your search, you’ll have a much better process if you do.

On your own, you can attend some open houses and even make offers, but often times those will fall short. With a real estate professional, you’ll get access to properties listed on the MLS (multiple listing service) that is not open to the public but can be accessed by real estate agents, listing agents, and realtors.

Real estate professionals will also be able to help you set up private tours, can communicate on your behalf with listing agents, sellers, and other brokers, and can offer insight into what is normal in terms of price, timeline, and community standards.

San Diego Real Estate Firms

There are many real estate firms to choose from in San Diego, between national, California-based, and local firms. Finding the right one is a personal mission, based on your needs and how you feel they can be best met. As you search for a real estate agent or realtor, you’ll have a chance to shop around just as you would with homes, areas, and anything else related to your homeowner journey.

Here are some of the top San Diego real estate firms:

• Coldwell Banker Realty/ Coldwell Banker West
• RC Realty San Diego
• Alliance Realty and Investments
• Big Block Realty
• Willis Allen Real Estate
• Luxre Realty
• eXp Realty
• Realty Source, Inc
• DEM Real Estate
• Keller Williams Realty
• Berkshire Hathaway

Searching for California Properties

Price and location are by far the biggest things to keep in mind as you begin to search for a property anywhere, including in San Diego. The California housing market is famously steeper than many nearby states, but…well, we are talking about living right on the beach.

You can also keep options like a Home Equity Line of Credit (HELOC) in mind as you look to take out a loan for your home. These can be a great supplement or replacement to a mortgage when needed.

Looking at beachfront homes, you’ll start by looking for a place with easy access to the sea. You’ll want to search for an oceanfront neighborhood to suit your lifestyle. A private showing is a great way to personally investigate any oceanfront homes for sale.

The Process of Buying a Home in San Diego

First thing is first- when you’re considering buying a home, you need to be ready! So, let’s go through some steps to consider as you look to become a San Diego homeowner. Keep in mind, this isn’t everything, but it is a good place to begin.

1.     Finances:

Ensure that your finances are in order. It may sound basic, but some people overlook the budgeting step of buying a home and get into a lot of trouble down the line. Prepare your finances, prepare yourself, and make sure that owning a home is a realistic goal for you currently. If not, save, save, save! The beach can wait… at least for a little while. You’ll want to consider your debt-to-income ratio, employment status, and liquid assets when looking over the financial aspect of the process.

2.     Property Search:

Take your time and go through displayed property listings to get an idea of what is available near different beaches. Identify properties that best suit your needs. From price point to square footage, aesthetics to the community, and so much more, you’ll want to do some thorough research before making a decision.

In San Diego, you can choose from places like Mission Beach, Pacific Beach, and Ocean Beach to La Jolla and Del Mar, but if a particular property stands out to you, you’ll want to contact the appropriate professional to look into next steps.

3.     Make an Offer

Once you’ve applied for a mortgage, have the rest of your plans in check, and know where you want to live- it’s time to make things official! Or, at least, make an offer.

4.     Close on a House

After getting your home looked at and making sure maintenance is in check (again, we aren’t going into these specifics as deeply) it’s time to close on your home!

Buying your Beach House

When it is finally time to buy a San Diego beach house of your own, you should be more than ready! After lots of planning, negotiating, budgeting, and moving, you’ll finally be next to the beautiful Pacific ocean and it will all feel like a blip in your happy San Diego story.

Are you a proud owner of a beach house in San Diego and think we might have missed a crucial piece of what it’s like to live near the ocean? Let us know! There are so many beaches around and we know each person experiences San Diego in a unique way.

Source: San Diego

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