The 10 Crowning Markets of the Spring Season Article by Daily Real Estate News | April 18, 2017
Which housing markets are emerging as top performers this spring season? Ten X, an online real estate marketplace vendor, factored in pricing, sales, affordability, permit activity, economic and demographic growth, and forward-looking data such as economic and population forecasts, to come up with a list of housing market champs for this spring.
They are listed below, along with year-over-year changes in seasonally adjusted median prices and sales of existing homes:
Tampa, Florida Home prices: +13.12% Home sales: +7.31%
Dallas, Texas Home prices: +10.64% Home sales: +2.94%
Columbus, Ohio Home prices: +9.60% Home sales: +6.62%
Las Vegas, Nevada Home prices: +9.67% Home sales: +11.37%
Jacksonville, Florida Home prices: +11.86% Home sales: +7.27%
Nashville, Tennessee Home prices: +9.08% Home sales: +10.63%
Raleigh, North Carolina Home prices: +8.56% Home sales: +7.95%
Orlando, Florida Home prices: +7.31% Home sales: 7.95%
Portland, Oregon Home prices: +11.12% Home sales: 9.29%
Salt Lake City, Utah Home prices: +8.62% Home sales: +11.10%
Target Markets for Investors in 2017 Article by Daily Real Estate News | January 18, 2017
For prime investment locations, it may be time to look South. Forbes teamed up with Local Market Monitor, a company that tracks more than 300 housing markets, to uncover the top cities for investors in the new year. The markets that dominate this year’s list reflect two major benefits: affordability and growth.
If you are planning on making an investment, either by buying a home or by buying a rental property, these are really good markets,” says Ingo Winzer, Local Market Monitor CEO. “These are markets where… you are probably going to get a good return and you are not taking an extraordinary risk.”
Dallas topped this year’s list. Home prices there average $233,000, up nearly 4 percent from a year ago. Yet, the city’s housing market is still considered underpriced by 3 percent compared to its historic average. Local Market Monitor predicts home prices in Dallas to increase 31 percent by 2020, due to a boom in job and population growth.
Here are the 15 cities investors could do particularly well in this year, according to the study:
Dallas, TX: 31% (the percentage increase predicted for home prices by 2020)
50 Markets Ranked: Where Does Yours Fall? Article by Daily Real Estate News | October 25, 2016
Who has the hottest single-family housing market this fall? Fort Lauderdale, Fla., according to a new report released by Ten-X, an online real estate marketplace. Ten-X ranked the 50 largest single-family housing markets for fall 2016 based on current and forecasted fundamentals.
Florida markets continue to dominate its list for the second consecutive season.
“Florida’s housing market continues to set the pace for the nation, with five of the top 10 metros on our report,” says Rick Sharga, Ten-X executive vice president. “While all of the top five markets took substantial hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter.”
The five single-family markets topping Ten-X’s list for this fall are: Fort Lauderdale, Fla.; Palm Beach County, Fla.; Tampa, Fla.; Orlando; and Las Vegas.
The rankings factor in pricing, sales, permit activity, and economic growth, population growth.
Nashville among the 10 Best Cities for Home Owners Article by Daily Real Estate News | September 02, 2016
It’s important that during a home search your clients consider what it would be like to live in a location and in housing where they can feel comfortable in the long-term.
Just buying a home should not be the ultimate endgame. “Successful ownership should be the goal,” says Lawrence Yun, chief economist with the National Association of REALTORS®.
To find the cities in the U.S. where owners had the best shot at successful long-term home ownership, Bankrate looked at a variety of factors including neighborhood characteristics, property taxes, utility costs, foreclosure rates, maintenance costs, affordability, energy costs, and more.
These are their picks for the 10 best cities for home owners:
What are the most overvalued and undervalued housing markets in the country? The Local Market Monitor recently released a list for investors analyzing buying conditions for real estate markets in the United States.
Overall, Las Vegas was a city they flagged as the worst — or “frankly dangerous,” as they referred to it. They said the city is not only one of the most undervalued housing markets in the country but is also considered one of the worst housing buys. Orlando, Fla., was another city the Local Market Monitor considered a bad investment city.
Las Vegas’ median home price is less than $145,000–a drop of more than half in its median home price since its housing peak days. The Local Market Monitor says Las Vegas is also nearly 30 percent less than what would be considered fair market value. Both Las Vegas and Orlando have been plagued with high inventories of homes due to overbuilding from a few years ago, and also are two of the hardest hit areas for foreclosures.
Here’s a list of the most overpriced housing markets and the percentage they are overvalued by, according to the report:
Nassau-Suffolk, N.Y.: 26% ($418,416 median home price)
Los Angeles: 24% ($368,056 median home price)
Portland, Ore.: 24% ($240,912 median home price)
Anaheim, Calif.: 23% ($449,396 median home price)
Edison, N.J.: 20% ($286,900 median home price)
Here is a list of the top 5 most undervalued markets:
Las Vegas: -27% ($144,636 median home price)
Akron, Ohio: -22% ($155,673 median home price)
Cleveland: -21% ($154,674 median home price)
Warren, Mich.: -21% ($111,114 median home price)
McAllenn, Texas: -20% ($131,871 median home price)
Source: “America’s Most Overvalued – and Undervalued – Cities,” CNNMoney.com (Jan. 10, 2011); blog distribution provided by Kenneth Bargers and Bargers Solutions residential real estate services located in Nashville, Tennessee
Foreign investors are swarming Miami, buying up property and paying with cash.
Individual investors from Argentina, Canada, Columbia, France, Israel, Italy, Norway, and Venezuela are investing in what they see as a fire sale of U.S. property.
“I have never seen such a high concentration of foreign nationals acquiring real estate,” says Peter Zalewski, who has been in real estate for 15 years and founded Condo Vultures, a consulting and brokerage firm. “Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.”
Practitioners say they are also seeing similar sales in Seattle, Washington, D.C., New York, Las Vegas, Los Angeles, and San Francisco.
To meet demand, real estate brokers are hiring sales associates who can speak multiple languages and are investing in overseas marketing tools.
Despite generally rising home prices, home equity continues to fall in many cites hardest hit by the unraveling of the real estate market.
Equity continues to drop because of resetting mortgage rates, job losses, and high rates of foreclosure depressing home prices further.
Using information from credit reporting service Equifax, Forbes magazine measured the percentage of home equity relative to a home’s current value in the country’s 200 largest metropolitan statistical areas.
It determined that these are the 10 areas with the lowest average percentage of home equity: