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Best Cities to Sell a Home
It's a tricky real estate climate nationwide, that's for sure, but in some markets home values are flat. Flat is the new "up" in a recession. Actually, a few rare markets have even seen home values rise in the past year, only eleven nationwide. In markets like this, sellers are getting close to their asking price and are recouping the money they put into their home when they bought it.
Washington, D.C .
While the city's median home value is down 4.1 percent from a year ago, the housing values in Washington, D.C., are actually up from the beginning of this year. Residences are selling for 2 percent less than their listing prices, which is excellent in this climate.
Fayetteville has the nations best performing housing market in the country. The median home value is $120,060 and that's up 13 percent from a year ago. Its property values also are up 6.3 percent when compared to five years ago. In Fayetteville, 95 percent of homes sold for a gain.
Oklahoma City, Okla.
Property values are up 6 percent when compared with five years ago and 87 percent of homes sold for a gain. Oklahoma City has a median home value of $118,700.
In Boulder 85 percent of homes were sold for gain and property values are up 2 percent when compared with five years ago. The median home value is $ 318,900. And 61 percent of homes are increasing in value.
The median home value in Yakima is $131,300, which is down 2 percent from a year ago. In addition, property values are up 4.8 percent compared to five years ago. Homes are selling for 2 percent less than list price.
The Best Cities to Buy a Home
When you go to buy a house, low-priced markets not the only factor you should consider. "The No. 1 factor for a market holding its value over time has to do with what types of jobs are fueling the local economy," said Amy Bohuntinsky, of Zillow.com Look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more "recession proof," according to Zillow. A strong tourism industry helps too.
Virginia Beach, Va.
For that reason Virginia Beach, Va., is one of the top picks for buyers. The city has a beautiful beach, and three military bases with steady jobs that make it one of the best places to buy. And right now, there are bargains: 30 percent of homes there sell for less than the asking price. "Virginia Beach is an area where home values have fallen, but they appear to have bottomed out," Bohuntinsky said. "If you're a buyer, this is your real, real opportune time to get in there and buy when home prices are at the bottom before they start going up again."
New York's capital city is always busy with government work, making it a best buy location. Plus, Albany's homes are affordable with a median price of less than $200,000. "Albany is a good value. It's right at the median of home values across the U.S.," Bohuntinsky said. "This is a good, affordable place to buy and you're going to get more for your dollar."
San Diego, Calif.
More than a third of homes in San Diego are foreclosures, which could result in possible bargains in a normally costly market. The home values are falling, but statistics indicate San Diego will bottom out in the next year. "San Diego is not at a bottom yet, but it will hit a bottom at some point in the next year," Bohuntinsky said. "That's something that we can't say about a whole lot of markets." "The market appears to be turning the corner for the better, inventories are beginning to shrink and this is a good sign that home prices will soon stabilize in many parts of the country," Yun said. "We are beginning to see buyers coming back to the marketplace, and the housing market appears to have turned a corner for the better."
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