An old proverb holds true to its words in regard to this economic recession, “Every end is a new beginning.” Out of the destruction of the foundation of the U.S. economy are new chances, the housing market being one of those opportunities. Nationally speaking, this is the best time to invest in a property.
The housing market is 62.4 percent more affordable for middle–income families in 18 years. Three of the compelling elements damaged during the height of the housing crisis that made the real estate market attractive to an investor is starting to recover:
Appreciative Prices: The housing market easing buyers’ investment worries by producing appealing housing prices.
Affordability: Property affordability for middle-class families’ opportunity to enter the housing market with their credit history.
Low Number of Foreclosures: The stability of the housing prices with fewer foreclosed properties out in the market.
The housing market around the states of the Midwest is showing the three components, the number one city being Pittsburgh, PA. 85 percent of families with a median income of $62,500 can afford housing around the metro area in the city. Another one of the country’s best housing cities is Columbus, Ohio, where 87 percent of middle-income families can afford a property.
Other real estate markets in major cities should not be ruled out. One of the cities showing stabilization and even projected to grow above other larger cities in the country is the City of Angels. Los Angeles, CA according to the National Association of Realtors is in fourth place in home sale price improvement out of 40 cities. Thanks to the city’s strong banking and financial industries, house price sales jumped 11 percent in the third quarter, another 2 percent during the transition between third and fourth quarter in 2009. Consult an Orange County real estate agent for more specific details on prices of homes in the Orange County and Los Angeles areas.
Statewide is also fairing better. An estimated 27,858 new/resale/condos were sold in 2010 of January. 44 percent of the existing properties sold were foreclosed, while the median home price is up $247,000, 10.3 percent more than $224,000 in the same month a year ago. Homebuyers are also committing themselves to $1,064, $96 more on their mortgage payment from last year’s January payment, $969.