TOP 10 Cities making a real estate comeback:
-Raleigh, North Carolina
-Wichita, Kansas
-Rochester, NY
-Des Moines, Iowa
-Chattanooga, Tennessee
-Peoria, Illinois
-Amarillo, Texas
-Binghamton, New York
-Waterloo-Cedar Falls, Iowa
-Bloomington, Illinois
National home sales are not expected to rise until next year, but expert Barbara Corcoran says that the criteria used to distinguish the top cities as comebacks were 1) home prices similar or below national average, 2) good job market, 3) and low foreclosures. Another thing she continually emphasizes is the attractiveness of the areas for young families and the young, educated population has been growing 42% in the last 10 years. Do you find it interesting that there are no cities in the western part of the country on this list, or would you predict this?
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I think it is interesting that the west coast didn't make the list. I would have expected at least one major city from the west to have been on the list. All states, including the west suffered as a result of the housing market crash. I find it interesting too because I would think that the west coast has a lot of appeal to young educated people as well as families and that is something the article emphasized as to why these cities were making a comeback.
ReplyDeleteI would expect at least one city on the west coast to make the list. I agree with Cate that all states have taken a hit but it seems like at least one from the west coast would make a bounce back
ReplyDeleteYes, I agree with Cate that the west coast is appealing to young educated people, but it also has a much higher cost of living. For people who are just starting out this might hinder their ability to get the ball rolling in a sense. I also feel like there is a lot of competition out west. Yes, there is going to be a fairly high level of competition no matter where you go, but I just think in particular there is more competition in California rather than in Michigan.
ReplyDeleteI am also surprised to not see any cities from the west coast on this list. Cate brings up a great point about every state has taken huge hits from the housing crisis. I think it is only a matter of time until we see a city on the west coast making this list. Like Cate said, it's an attractive place for young, educated individuals so I'm sure we will see them making a comeback here in the near future.
ReplyDeleteI agree with all the above posts. West Coast states do have a higher standard of living but also higher wages and salaries for comparable jobs. In this sense, maybe the cities in the west did suffer but not a greatly as other states, therefore when they are "bouncing back" it does not have to be as far.
ReplyDeleteI'm in no surprise that the West Coast is not on the list. I was expecting the Midwest to be making the biggest comeback and 5 out of 10 cities on the list are from the Midwest. Looks like that's the place to be.
ReplyDeleteI agree with Jon. I'm not surprised that people aren't flocking to the West Coast. The Midwest and East Coast have a lot to offer.
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