Recently Forbes magazine came out with a list of the top five cities in the US for real estate deals. With it being a buyer’s market for most of the nation, where can you go to obtain the best real estate deals? How about right here in Cleveland Ohio. Yes, Cleveland was named the fourth city on the list for property deals. With the amount of foreclosures in the country and mortgage lenders tightening their belts, many investors and home buyers are now able to pick up property at an enormous value. People that have to relocate or sell due to ARMS (adjustable rate mortgages) knocking on their door must sell and price their homes below market value. In order to keep up with the stiff competition in Ohio, many home sellers are taking a hit just to move on. Now is the time to snatch up these deals and hold onto them. There may never again be a time where real estate prices are so low.
1. Fort Worth Texas- Median home sales price: $156,500
Price change from 2006: 1.7%
Expected home turnover in 2008: 6.03%
Fort Worth boasts solid fundamentals, and exhibits few signs of falling victim to a credit crunch or foreclosure debacle that could destabilize the market. Still, a boom in home construction has kept the area's prices low; the market's projected turnover rate bodes well for those buying now.
2. Kansas City Missouri- Median home sales price: $157,700
Price change from 2006: -0.7%
Expected home turnover in 2008: 6.21%
The housing boom effectievly skipped Kansas City, where prices have mostly remained level. However, foreclosure predictions based on data from Equifax, a credit tracking firm, put K.C. in the middle of the pack nationally. The market's expected turnover rate and reasonably stable prices suggest the market is nearing a trough.
3. Houston Texas- Median home sales price: $154,900
Price change from 2006: 1.4%
Expected home turnover in 2008: 7.36%
Houston is expected to have the highest rate of turnover in the country, based on sales models from Moody's Economy.com. Though new home constructions are still in effect, the market's strong fundamentals and expected pick-up in sales suggests prices will likely jump more than the relatively flat 1.4% experienced last year.
4. Cleveland Ohio- Median home sales price: $128,700
Price change from 2006: -7.1%
Expected home turnover in 2008: 4.56%
At best, Cleveland's market is expected to experience neutral price declines next year, but its increase in turnover and improving credit and foreclosure conditions suggest it could be a good market for buyers to invest in.
5. Denver Colorado- Median home sales price: $255,200
Price change from 2006: none
Expected home turnover in 2008: 5.05%
While other markets have experienced meltdowns, Denver has been quietly correcting its inventory glut, which at the beginning of the year was one of the worst in the country. Though prices aren't expected to rebound quickly, if Denver sellers continue to unload their properties at discounted rates, it could be a strong year for buyers, with less risk than the past two years.
1. Fort Worth Texas- Median home sales price: $156,500
Price change from 2006: 1.7%
Expected home turnover in 2008: 6.03%
Fort Worth boasts solid fundamentals, and exhibits few signs of falling victim to a credit crunch or foreclosure debacle that could destabilize the market. Still, a boom in home construction has kept the area's prices low; the market's projected turnover rate bodes well for those buying now.
2. Kansas City Missouri- Median home sales price: $157,700
Price change from 2006: -0.7%
Expected home turnover in 2008: 6.21%
The housing boom effectievly skipped Kansas City, where prices have mostly remained level. However, foreclosure predictions based on data from Equifax, a credit tracking firm, put K.C. in the middle of the pack nationally. The market's expected turnover rate and reasonably stable prices suggest the market is nearing a trough.
3. Houston Texas- Median home sales price: $154,900
Price change from 2006: 1.4%
Expected home turnover in 2008: 7.36%
Houston is expected to have the highest rate of turnover in the country, based on sales models from Moody's Economy.com. Though new home constructions are still in effect, the market's strong fundamentals and expected pick-up in sales suggests prices will likely jump more than the relatively flat 1.4% experienced last year.
4. Cleveland Ohio- Median home sales price: $128,700
Price change from 2006: -7.1%
Expected home turnover in 2008: 4.56%
At best, Cleveland's market is expected to experience neutral price declines next year, but its increase in turnover and improving credit and foreclosure conditions suggest it could be a good market for buyers to invest in.
5. Denver Colorado- Median home sales price: $255,200
Price change from 2006: none
Expected home turnover in 2008: 5.05%
While other markets have experienced meltdowns, Denver has been quietly correcting its inventory glut, which at the beginning of the year was one of the worst in the country. Though prices aren't expected to rebound quickly, if Denver sellers continue to unload their properties at discounted rates, it could be a strong year for buyers, with less risk than the past two years.
posted by Cleveland Real Estate at
10/15/2007
1 Comments:
The information in this post is a old. If you are interested in finding
current information about
the Cleveland Housing Market please visit
www.HousingTracker.net
I was surprised to find that over the last 2 years, home prices in Northern Ohio
have remained generally flat. There was a small dip about a year
ago, however over the past year (December 2007 to 2008) have actually increased
10% according to HomeTracker.
If you have the desire to purchase a home, now could be a very good time to do it.
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