Sunday, 30 April 2017

Thriving Real Estate: Top 5 States for the Housing Market

Written by Posted On Friday, 21 October 2016 21:19

The housing market in the United States has been fortunate and remained strong despite the last eight years of economic woes. In fact, many people have been buying or selling homes recently all across America. That is especially true when it comes to the following five states:

#5: Massachusetts

After the real estate bust in the last recession, the housing market in Massachusetts has been surging ahead year after year. The mortgage climate in Massachusetts, especially in the Boston area, is more than friendly. Real estate businesses like Republic State Mortgage Co have been responsible for helping home buyers take advantage of the positive housing market in the state by offering and promoting vital information to prospective buyers. No matter how wonderful the housing market situation is in any state, a good mortgage rate is still the most important factor in a buyer closing the deal.

#4: Florida

Over the last year, Florida has seen impressive gains in home sales. Compared to standard home sales, though, condo and townhouse sales have not been doing as well as they are currently in decline. Despite the problems in the townhouse and condo category, the median price for all sales, condos and townhouses included, has been rising every month for more than four years. There have been impressive appreciation in property values, which is why Florida makes this top list for the housing market in 2016.

#3: Oregon

According to the Fiscal Times, Oregon has seen a 10 percent increase in home prices from 2015 to 2016. Portland, the largest city in the state, has seen the highest volume of closed sales since 1992, and the number of closed sales has seen a large increase since 2015. The only downfall is that the number of pending sales has seen a slight decline since 2015.

#2: Colorado

Colorado comes in at number two, because it has very few downsides other than a slight slip in the number of new listings compared to 2015. Other than that, there has been an impressive growth in the number of home sales since that year and the number of sales still pending has seen growth as well.

#1: Washington

Washington is by far the best state for the housing market. The one downside is the properties are going fast because purchasing a family home in Washington is also seen as a smart investment. Home values are increasing drastically, which validates the notion of a sound investment. Washington remains the top state, but, because of that, the inventory of homes is becoming depleted. So, if you live in this state and are planning to sell, then you are in the right place for that!

These five states offer the best opportunity to purchase or sell property. Just know that it is important to balance the pros and cons that each state has to offer when making a decision and to evaluate how the market is doing before making that purchase.  

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