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Which cities will give you a good deal in today's real estate market if you are an investor or homebuyer?
Business 2.0 magazine and Moody's Economy.com named 10 cities that they consider to be at the end of the housing downturn and that are ready for recovery. In the article, "How to play the real estate bounce back", by Paula Kaihla, Business 2.0 magazine senior writer, she names ten cities for a housing recovery: Dallas-Ft. Worth, Indianapolis, New Orleans, Atlanta, Montgomery, Memphis, Mobile, Austin, Houston, and St. Louis.
I spoke with a Connect2Agent Member for three of the housing markets identified in the article: Dallas-Ft. Worth, Indianapolis, and New Orleans, for their take on the housing recovery in their areas. Here are their views on the topic: Cyndie Gawain says the Ft. Worth/Dallas market is a great place to buy
- The prices of houses in the Dallas real estate market were never inflated. Buyers will be able to get a house at its true market value.
- There are areas where you can still get a great house between $150-200k; In the Dallas area Gawain recommends Plano, the Southern part of Frisco, North Flower Mound, and Lewisville. For housing in the $300k range, she recommends North Dallas.
- There are homebuyers who have good credit, income and job stability who are closing on zero downpayment loans.
Reba Evans speaks of Indianapolis' lack of national recognition as a stable market
- The Indianapolis market is usually out of the reporting radar of national housing news, but has been a reasonably priced area to live.
- There are Indiana housing bond programs that help homebuyers get mortgages with a low down payment and low interest rates.
- For the rising 55+ population, there are developments that allow homebuyers to downsize to homes where the maintenance is taken care of by the development. This provides alternative living for those homebuyers who are not ready to move into a condo, but need a simplified lifestyle.
David Coxe cautions against any short term housing purchases in New Orleans
- Wait until 2008 to purchase a home, the housing market has not yet fully collapsed.
- If you purchase a house in New Orleans do not sell it until 2017 unless you want to take a financial loss. Coxe said that traditionally it has always taken New Orleans to recover from a housing downturn.
- There is a small inventory of housing choices in New Orleans; $200k would buy you a home that is in a safe neighborhood and does not have flood damage, but will need rehabbing and electrical work.
If you are looking to purchase in an area that you are unfamiliar with take a tour of the area. Make sure to get advice from a local real estate expert.
Posted by Rebecca D. Levinson
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