Real Estate Hot Spots
From Homescape
written by Amy Le on Friday, February 1, 11:40AM
After a week of depressing news on declining home sales and climbing foreclosure rates, sometimes it’s a breath of fresh air to read a piece of news that’s uplifting about the housing market. I recently came across an article from Entrepreneur.com by Danielle Babb, an experienced real estate investor and author, about some of the best places to buy a house. (Babb also lists places to avoid, but I’ll keep it positive here.)
Babb argues, despite the slumping housing market, there are still plenty of investors and families looking to buy a home in the coming year, and knowing where to buy will help them make smarter investment choices. Below are Babb’s top places to buy.
Killeen, Round Rock, Austin, Texas: Killeen has the lowest average home price in any market in the nation, while still maintaining quality. Round Rock and Austin have seen incredible job growth and very stable home prices despite the downturn nationwide. Jobs continue to grow here — a factor for keeping inventory low and prices stable.
Mission Viejo, Calif.: Mission Viejo has the lowest crime statistics in the nation. With no murders in 2007 and a low rate of violent crime, this is a good place to raise a family. Prices are relatively stable, and the job market in the nearby cities of Irvine and San Diego means there is consistent demand from job seekers.
Palm Beach, Fla.: Despite being pummeled by foreclosures in 2007, there are also a lot of boomers retiring, and Palm Beach is looking mighty attractive. If you don’t like taking this high of a risk — which translates to great prices — check out Tampa or Clearwater in the same state.
Las Vegas, Nev.: Vegas comes in quite high on the national foreclosure list, almost always within the top three metro areas. It has been hit hard by incoming investors, who watched their home values disappear, leaving those homes empty. But a very strong job market is the upside. In 2007, Vegas experienced a 12 percent increase in population, partly driven by retirees looking for Sunbelt states to move to. Coupled with low prices, we could see inventories reduced here, which would also stabilize prices. Be careful what you buy, but I like it.
Do you know of other hot housing markets worth investing in?
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