Yesterday, we announced towns 5 ? 10 that made our Top Ten Real Estate Markets for Investors list. Today, we are releasing the top 5 towns that made our list.
5. Fort Worth, TX.
One word?jobs?is the key to Fort Worth?s housing mark. With unemployment at 7.1 percent in December[vi], compared to 8.3 percent nationally[vii], demand is driving home sales. Its inventory of listings is down 26.54 percent compared with a year ago and homes are selling nearly 20 percent faster than last year. Median list price is currently $160,000 ? 8 percent higher than a year ago. Investors should move now while bargains are available.
?Fort Worth and Tarrant counties are on fire ? huge growth has taken place over the past 10 years and will likely continue to outpace the country,? said Bruce Lynn of Metroplex Home Sales.??The rental market is very hot?with demand easily outpacing supply. Good rentals with reasonable prices move quickly and investors are coming on strong.?
4. Baltimore, MD.
Baltimore?s home values are 15.6 percent below the peak and should reach bottom within the year[v]. Median list price, at $239,500, is up more than 3 percent from last year and the age of its inventory is stabilizing, suggesting that this is the time for investors to buy if they want to achieve maximum gains. Inventory is down nearly 26 percent from a year ago and flat compared to the month prior even as we head into the home buying season.
?Fort Meade, and Annapolis offer a steady- and growing- radius of employment for buyers and tenants, alike,? said Jennifer Chaney, MBA at Champion Realty, Inc. ?Recent military programs have brought more personnel to the ?Fort Meade? area, in particular, helping to fuel demand.?The healthy, steady level of employment in our area has, in my opinion, propelled us to a faster recovery than others in our nation.?
3. Kansas City, MO.
Kansas City prices fell 8.4 percent from their peak[iii], but now they are starting to recover as low unemployment (7.3 percent[iv]) stimulates demand. The age of its inventory is down nearly 15 percent and list prices in the Kansas City market are at $134,950 up nearly 4 percent year-over-year, suggesting prices are recovering and investors should act now.? Inventory is down almost 21 percent on a year-over-year basis.
?In some parts of the metro area, agents are reporting a lack of inventory to meet their buyers? needs,? said Mary Hutchison, ABR, SRES.? ?I?ve seen several new listings sell within the first few days and some have attracted multiple offers.? Buyers are willing to pay for updated, well maintained, move in ready properties in?desirable locations.? I?ve also seen first time investors enter the market for rental properties.?
2. Austin, TX.
Though Austin?s home values didn?t fall as far as those in many other markets, its potential for price growth is one of the best in the nation. High employment (6.3 percent unemployment rate in December 2011[ii]) is driving demand for housing. Homes are selling at over two times the national rate and its median list price is $229,500, about 12 percent higher than a year ago. Median age of inventory in Austin is down almost 19 percent from last year.
?Conditions in Austin are perfect for investors, and most REALTORS are now working this part of the market from at least one angle,? said Julie Holden of JB Goodwin Realtors. ?I?m working with quite a few investors ? some new to the business, others seasoned pros ? across all property types. More than once I?ve seen a carefully selected property lease within a week following an investor?s purchase.?
1. Tucson, AZ.
Tucson is a foreclosure market where prices plunged 31 percent during the housing bust. But now, foreclosure opportunities are declining. The REO inventory is down 8.19 percent from 2011, and the number of foreclosures scheduled for sale is down 40 percent from a year ago.[i] The median list price was $170,000 in February 2012 which is 3.03 percent higher than a year ago and homes are selling 12 percent faster than they were a year ago. Investors who wait will have fewer choices and will pay higher prices.
?Tucson and most of Southern Arizona are experiencing 2012 as the Year of the Short Sale,? said Sue Cartun, designated broker at Keller Williams. ?Recent pressures in financial circles are streamlining the process of the short sale and increasing the success rate of closings. To sum it up ? in Tucson, Buyers are busy!?
Read More Expert Analysis on REALTOR.com Blogs
Related posts:
- Top Ten Real Estate Markets for Investors (Part 1)
- REALTOR Data: Market Continues to Stabilize
- Florida Markets Dominate REALTOR.com Top Ten Turnaround Report
- Top Ten Turnaround Towns: Midwest/West Edition
- More Experts On The Top Ten Real Estate Markets for Investors
Source: http://www.realtor.com/blogs/2012/03/29/top-ten-real-estate-markets-for-investors-part-2/
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