Q: The stock market keeps going up and up, and most stocks look very expensive. Are there any cheap stocks left?

The average price-to-earnings ratio of the S&P 500 right now is about 26 -- well above its historical average of 15.7. However, not all stocks look expensive.

For example, there are some bargains to be had in the financial sector. Goldman Sachs (NYSE:GS), which recently reported disappointing trading revenue, looks very attractive from a long-term perspective. The investment bank trades for less than 13 times 2017 earnings, and has lots of potential to grow in the coming years.

Real estate is another area that looks great from a long-term perspective. The sector has been beaten down lately thanks to expectations of rising interest rates. As the economy continues to strengthen, rate hikes are seen as more likely, and this is a negative catalyst for real estate investment trusts (REITs).

One that I have my eye on right now is leading healthcare REIT Welltower (NYSE:WELL). Healthcare real estate is a recession-resistant property type, and Welltower's portfolio of senior-specific properties is well-positioned to grow over the coming decades as the U.S. population ages. The stock currently trades near its 52-week low and has a dividend yield of nearly 6%.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.