Real estate made great strides this year, continuing a trend from 2012. These housing markets led the charge and will continue to rise next year. If you want to cash in on the recovery, start with this list of five thriving cities.
Miami: A Seller’s Paradise
Miami’s real estate market has always been fairly steady, as the city is such a desirable place to live and a destination for many tourists. Today, there are fewer homes on the market, and those that are listed are about 4 percent higher than this time last year showing that the demand is outweighing the supply. In addition, mortgages across all of Florida have been steadily declining, making buyers more motivated to submit an offer.
Las Vegas: A Solid Bet
Of course Sin City is widely known for its scintillating night life and high-roller atmosphere, and right fully so. Its ritzy casinos, gourmet restaurants, world-renowned hotels, and cheap airfare lend to its revered status as the ultimate quick vacation spot.
But those who live there will be the first to tell you that the real estate market there is actually growing into an industry comparable to the buffets in the casinos it’s so well known for – very affordable and guaranteed to satisfy.
Homes in Las Vega surged by more than 22 percent this year and should continue climbing at a comfortable rate of 7.5 percent. Unemployment rates are also rebounding, dropping from more than 12 percent to just under 10 percent. This unemployment rate drop is encouraging for families, as they set up budgets and shop for home insurance rates for their new home.
Buying a home here is a now a safer bet than a spin at the roulette wheel. It's a much safer gamble with lower home loan rates. According to AmeriSave Mortgage Corporation, rates are well below pre-bubble days at just 3.75 percent, compared to 6.5 percent in 2008.
The Las Vegas home to the right has five bedrooms and three bathrooms and is scheduled to be sold at auction on Oct. 20. The opening bid starts at $125,000. Click on the photo for more details.
San Francisco: A Golden Opportunity
San Francisco, Calif., has a projected 10 percent rise in home values on the horizon. Values shot up more than 21 percent this year, but they now average $563,200. That may seem high but if you consider the city's low unemployment rate of just 6 percent, that should ease your mind a bit. Stable employment options could make the City by the Bay an optimum place to put down roots and raise a family.
Sellers have plenty of eager home buyers ready to snap up homes here. Sales hit an eight-year high in July of 2013, a promising sign for sellers. According to the Los Angeles Times, the median price for home sales in the Bay area was around $562,000 that month, which was 1.3% more than the month prior, and a stunning 33.5 percent more than in 2012.
The city is thriving thanks to its culture, nightlife, tourism, and strong local economy. That ensures strength in the housing market for years to come. Buying a home here is a great bet for a solid return down the road.
The two bedroom, two bathroom San Francisco condo pictured to the right is listed for sale for $835,000. With 1,310 square feet this condo is roomy by San Francisco standards and is located close to public transportation.
New Orleans: City of Rebirth
Eight years after Hurricane Katrina wreaked havoc on New Orleans, the city is ready for its comeback. Through May of 2013 $424.7 million was spent in commercial real estate which is a 41 percent increase from last year. With an increase in commercial interest in the city, residential interest is on the rise as well as the city is becoming more and more attractive and providing a high quality of life it has not been associated with for some time.
Twenty five thousand people have moved to the city since 2010 and the number continues to rise. New Orleans is in a state of revival and comeback, and anyone who lives there can feel the spirit.
The bank-owned New Orleans home to the right is listed for sale at just under $105,000.With three bedrooms and two bathrooms, this 2400-square foot home could be a good buy. It was repossessed by the bank in August and listed for sale in late September.
Houston: Energizing Real Estate
Houston has had record growth (fifth highest out of the 100 biggest metropolitan areas) in its job market, which has resulted in stimulation of the real estate market in the city. In June, the median price for a home reached its highest level since 2008. In addition, year-over-year sales rose 1.2 percent and like many other cities, saw a decline in foreclosure sales.
With jobs becoming widely available and fewer homes being on the market, Houston is poised to become a very competitive market.
Fortunately, many cities across the country are seeing a rise in their real estate markets, but these spots are some of the most desirable to live in or own property. What other cities are you seeing an upswing in?
The Houston home pictured at the right is listed for sale for $171,000, but has an estimated full market value of more than $184,000. The property is in foreclosure, which means the homeowner may be highly motivated to sell to avoid having a foreclosure on his or her credit history. Click on the photo for full details.
Morgan Sims is a writer and recent graduate who loves all things tech and social media. When she's not writing or keeping up with current events she spends most of her time with her dog, cooking and staying active. Follow her @MorganSims00 and on G+.