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Are Americans Still Optimistic About Home Ownership?

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The COVID-19 pandemic had a significant impact on the real estate market.  As many employees were required to work from home and more Americans found themselves at home many more hours of the day, they decided it was time to make a move.  Perhaps to a house with more space for a home office and more space for the all the family members spending more time at home to spread out.  As a result, demand increased yet supply could not keep up.  Naturally, in turn, home prices increased as well. 

As Americans feel a slight return to life before the pandemic, the question is, do they still feel that it is a good time to buy a home.  Are Americans leery about the market taking a downturn and perhaps adjust itself?  An article published by Realtor.com indicates that Americans remain optimistic about the upward trend of home prices.  “Gallup’s survey found that 71% of Americans believe that home prices are going to increase over the next year in their local market” writes reporter Jacob Passy.

Further, more than half of Americans surveyed by this Gallup poll indicate that now is still a good time to buy a home, 53% to be exact.  Only 50% of Americans felt this way last year at this time.  Despite reports that home ownership is still viewed as a preferred long term investment, Google has found a significant increase in internet searches revolving around the possibility of a real estate crash.  Indicating U.S. homeowners or potential homeowners are still keeping an eye out for a change in the real estate market.

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The Best Cities for Real Estate Investments

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With the median home price on existing homes predicted to rise 6 percent over the next year, investors are turning to real estate as a steady and tangible investment option.  HomeUnion evaluated the real estate market for both investors planning to sell or “flip” the properties as well as those looking to rent out the purchased properties.

To determine which cities made the list for investors looking to flip, HomeUnion looked for cities where prices have yet to return to levels reached before the recession, compared prices from early 2015 to early 2016 and took into account the local economics of the area.

According to an article published by Realtor.com by Peter Ortiz, the top ten cities for home price appreciation are:9682523008_55447863c2_o

  1. Jacksonville, FL
  2. Tampa, FL
  3. Orlando, FL
  4. Chicago, IL
  5. Detroit, MI
  6. Las Vegas, NV
  7. Cincinnati, OH
  8. Phoenix, AZ
  9. Cleveland, OH
  10. Minneapolis, MN

With more and more households holding off on the idea of owning their own home, deciding instead to rent, investors are looking to rental properties.  Prospective landlords may want to consider one of the cities HomeUnion found to have the highest returns for rental properties. The cities were evaluated based on the annual rent growth and local economies and those that ranked in the top ten are:

  1. Cleveland, OH
  2. Columbia, SC
  3. Birmingham, AL
  4. Pittsburgh, PA
  5. Milwaukee, WI
  6. Cincinnati, OH
  7. Memphis, TN
  8. Greenville, SC
  9. Tampa, FL
  10. Philadelphia, PA

Both studies evaluated only single family homes that fall within the range of $232,500 and lower.

Read the entire article.

 

Photo Credit:  Kerry Quinn

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