AMERICA’S STRONGEST HOUSING MARKETS

February 20th, 2009

According to a recent article on Forbes.com, Syracuse is in the top of the list for the country’s strongest real estate markets, in part, because we never participated in the housing boom to have the spiraling fall like Las Vegas, Miami or many others. 

Research was done to compile a list of markets that are nearest to recovery.  The strongest areas may be flat right now with prices expected to pick up late this year or early next year.  But that’s better than the areas expecting a 15% drop.  The research results did show countervailing forces at work with the bad economy and a weakening job market.  On the other hand, new housing starts are down, which should help reduce supply and at around 5% for a conforming 30-year mortgage, interest rates are lower than they’ve been in more than 35 years.

Housing markets in upstate New York never had the ups and downs of some hot markets in the rest of the country.  In Rochester, real estate values have climbed at a steady 3% rate for the last five years.  In Buffalo, Syracuse and Albany, prices are predicted to remain steady this year.

Housing prices ended the third quarter at a median $122,000, about where they have been for the last three years, according to data from the National Association of Realtors.  More of the same is predicted for 2009.

With so many markets in sunnier places crashing and burning, being dull and snowy have its advantages.

Want to know more?  Call me and I would be happy to share my knowledge with you at no cost or obligation.  If you prefer, email me at donkingsley@kingsleyrealestate.com.

Entry Filed under: Buying A Home, Financing, Real Estate Tips, Selling Your Home