The struggling housing market has sellers and buyers searching for the best regions to get a great deal.
Nationwide, home values are down 12 percent, compared with the same time a year ago, according to real estate website Zillow.com.
Zillow, which tracks virtually every house sale in the nation, has ranked the top five best locations for home buyers and sellers.
The results may surprise you, because the best places to buy a home are not necessarily where the houses cost the least.
"For people who are financially qualified, it never has been a better time in nearly 40 years," said Lawrence Yun, at the National Association of Realtors. "I think this is good long-term investment opportunity to get into the market now."
When you go to buy a house, low-priced markets not the only factor you should consider.
"The No. 1 factor for a market holding its value over time has to do with what types of jobs are fueling the local economy," said Amy Bohuntinsky, of Zillow.com
Look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more "recession proof," according to Zillow. A strong tourism industry helps too.
Nationwide, home values are down 12 percent, compared with the same time a year ago, according to real estate website Zillow.com.
Zillow, which tracks virtually every house sale in the nation, has ranked the top five best locations for home buyers and sellers.
The results may surprise you, because the best places to buy a home are not necessarily where the houses cost the least.
"For people who are financially qualified, it never has been a better time in nearly 40 years," said Lawrence Yun, at the National Association of Realtors. "I think this is good long-term investment opportunity to get into the market now."
When you go to buy a house, low-priced markets not the only factor you should consider.
"The No. 1 factor for a market holding its value over time has to do with what types of jobs are fueling the local economy," said Amy Bohuntinsky, of Zillow.com
Look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more "recession proof," according to Zillow. A strong tourism industry helps too.
No matter where you buy, statistics show you should stay at least seven years if you hope to turn a profit on your house.
"We're not out of the woods yet as far as a housing market that's declining," Bohuntinsky said. "But if you're thinking about living in the home for seven years or more, you're likely to ride this out and that's really important for buyers to think about when figuring out where to live."
#1: Virginia Beach, Va.
#2: Albany, NY
#3: San Diego, Calif.
#4: Austin, Texas
#5: Madison, Wisconsin
The college town of Madison, Wisc., rounds out the top five cities best for buyers. It's consistently ranked as one of the best places to live in America. An added bonus: Home values in Madison are flat from five years ago, and they are paying 3 percent less than listing price. "If we're looking in an area where home values are flat year over year, that's great. It means you haven't lost money in the value of your home over the past year and that's performing better than most areas of the country," Bohuntinsky said.
(Article and image from http://www.abcnews.com/)
No comments:
Post a Comment