Posts Tagged ‘seattle’
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)
- Jacksonville, FL: 30%
- Orlando, FL: 28%
- Seattle, WA: 26%
- West Palm Beach, FL: 26%
- Salt Lake City, UT: 25%
- Tampa-St. Petersburg, FL: 25%
- Nashville, TN: 24%
- Fort Worth, TX: 24%
- Grand Rapids, MI: 23%
- Sacramento, CA: 22%
- Charlotte, NC: 21%
- Raleigh, NC: 21%
- San Diego, CA: 21%
- Las Vegas, NV: 20%
Source: “Best Buy Cities: Where to Invest in Housing in 2017,” Forbes.com (Jan. 10, 2017); REALTOR® Magazine Online, Daily Real Estate News 011817
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The number of homes where sellers have cut their asking price is up 17.6 percent, according to a ZipRealty survey that analyzed MLS-listed properties in 26 markets.
“In more than half of the surveyed markets, sellers are averaging at least two reductions in price,” says John Oldham, director of marketing for ZipRealty. “Inventory has grown throughout much of the year. As sellers face the pressure of more buying options, they seem to be discounting to attract buyers resulting in list prices being cut for over 46 percent of the homes.”
The median reduction amount has averaged 1.7 percent to $19,088.
Florida leads the nation in the largest percentage of discounts to the original list price, with Orlando (12.5 percent discount), Jacksonville (12.1 percent), and Miami/Ft. Lauderdale/Palm Beach (11.9) leading the pack.
The top 5 markets with the largest overall median price reduction in absolute dollars include:
- San Francisco: $32,500 median price reduction
- Orange County, Calif.: $31,000
- San Diego: $29,100
- Miami/Ft. Lauderdale/Palm Beach: $25,000
- Seattle: $25,000
Source: “ZipRealty’s Monthly Price Reduction Index Reports Double Digit Increase in Number of Price Reduced Home Listings Over Last Year,” ZipRealty (Feb. 10, 2011); Blog distribution provided by Kenneth Bargers and Bargers Solutions residential real estate services located in Nashville, Tennessee