Best Cities to Consider When Buying a Home

17 April 2008

Author: admin Posted under Foreclosure homes

Buyers and investors should consider looking at homes for sale in these cities in order to enjoy the greatest return potential and savings.

Atlanta: with home building stalled in most neighborhoods of this city, buyers can expect an increase in demand for properties and subsequently, an increase in home prices. At present, the average home price is at $359,950 for a typically-affluent suburb like Alpharetta.
Boston: the average home price in neighborhoods such as Waltham is at $406,000. Although Beantown is among the first neighborhoods to experience a decline in home prices, it is also the first one to recover. By the end of 2007, home prices have increased by 1 percent.
Cincinnati: this city is probably among the few cities that are benefiting from the weakening dollar. With an economy dependent on the manufacturing industry, Cincinnati is now experiencing good growth. There are many new commercial buildings as well as high-end developments. A neighborhood such as Mariemont has an average home price of $354,800.
Cleveland: as one of the cities where foreclosure help was initiated, Cleveland is reaping the benefits of acting on the mortgage meltdown. Home prices in this city have actually stabilized and very soon, experts are sure that they will rise.
Detroit: for buyers looking to make some nice profit, this city offers a 15 price-to- rent ratio. This means that it is possible for these buyers to regain almost 7% of the purchase price yearly. Right now, average home price in suburbs like Farmington Hills is at $215,000.
Houston: with the oil prices skyrocketing nationwide, the city’s real estate has actually thrived. In fact, the last quarter of 2007 saw a 1.4 percent increase in home prices. In neighborhoods like Sugarland, average home price is at $180,600.