Category — The Economy
The housing market went up and now the housing market is going down. Where should you invest in real estate? What areas will see appreciation?
Being in the business of real estate investing, I am constantly immersed in the state of the housing market. I love real estate and I love following its trends. One thing I’ve been watching are the predicted hot areas for 2007.
Overall the healthiest markets are in the southwest, home to 4 of the top 10. Another area of interest is upstate New York, home to 2 predicted hot markets in 2007.
I’ll admit that I’ve struggled a bit with publishing this article. Over the last several weeks I’ve been back and forth on whether I should publish it or not. As you can see, I’ve decided to go ahead and put it up. I don’t have all of the answers on this one, I’m just sharing the information that I have.
That being said, here’s the 10 Hottest Real Estate Markets in 2007:
10th Hottest Housing Market – Birmingham, Ala.
We start out in the deep south. The 234,000 people in this bustling metropolis should see an average appreciation of 4.4%
#9 – Fort Worth-Arlington
With a low median home price and an increase of available jobs, families are gravitating towards the Dallas-Fort Worth area. Increased demand for homes should move 2007’s appreciation rate to 4.4%
#8 – Baton Rouge
This has been a hot place in the past. In 2004 the median housing price jumped a staggering 13.9%. In 2007 look for housing prices to grow 4.5%
#7 – Rochester, N.Y.
Compared to the national average Rochester has a below average median income, however, as a percentage of the median home price it is very high. This unique combination will push housing prices up by about 4.5%
#6 – San Antonio
San Antonio has been a hot spot in the past and it will continue to be a hot spot in 2007. Look for appreciation rates in the neighborhood of 4.8%
#5 – Syracuse, N.Y.
Syracuse is similar to Rochester in the fact that the median income is very high in comparison to the median home price. Look for appreciation rates to hover around 4.8% this year.
#4 – Salt Lake City
This area was a surprise for me. Salt Lake City’s median income is very low in correlation to its median home price which could indicate that housing is overpriced. In addition, the crime rate is much higher that the other areas on the list. However, it is still predicted to have an appreciation rate of 5.4% .
#3 – Albuquerque
Albuquerque is another interesting place. With a predicted appreciation rate of 5.9% you would expect something special there. This spot has been hot in the past though.
#2 – El-Paso
I like El-Paso. For the most part, it is a good place to live. The crime rate is reasonable low and the public school system isn’t half bad either. The rest of the country seems to agree as the population continues to grow. This increased population has brought a demand for housing driving home prices up. I won’t be surprised at all to see a 7.1% appreciation rate this year.
The #1 Hottest Housing Market in 2007- McAllen, Tx
With a projected growth rate 8.5%, McAllen is the big winner. McAllen has been underrated for years and only recently has it been moving into the spotlight. People are beginning to see a future on this small border town. I think that McAllen, Texas will be the hottest housing market in 2007.
For more information check out CNN Money.
February 2, 2007 No Comments
2006 was a mixed year. We had records set in the stock markets and the housing markets. As I’m writing this the Dow has closed at a record high of 12,445.52 and looks like it will rise even higher before the year closes. At the same time, our housing market is setting records on the other end of the spectrum. This year we saw more homes available on the market than at any other time in history. Some people have done really well this year, other’s have lost nearly everything in the housing market bust. 2006 was a mixed year.
The Housing Market Will Normalize – Some areas will see growth, some will see prices come back down to where they should be. According to the article “Best and Worst Real Estate Markets” there will some spots that are hot and some that are not.
If you happen to live in the northeast, your market looks to be fairly steady with a few hot spots and a few cool spots, ranging from a projected 4.8% growth in Syracuse, N.Y. to a -3.6% drop in Poughkeepsie, N.Y. [Read more →]
December 19, 2006 25 Comments