California Apartments and Homes Blog

What are the Fastest Appreciating Real Estate Markets

CNNMoney.com listed recently the best and worst performing real estate markets. If you check out the real estate values, you will realize that they are more in the local element of a state. This simple means that aside from looking at the bigger, state picture of your home’s market value, it is also important that you consider the local factors of the market – even on your street itself.

Based on the CNN Money forecast, if you are looking for the best place to see appreciation values you should check out homes in Southern California. On the other hand should you want to see the worst, well it is interestingly Hanford, California.

Top performing cities includes:

• Merced, Wyoming
• Washington, California
• Corvallis, Arkansas
• Bremerton, Washington
• Tacoma, Oregon
• Bend, Oregon. 

If you observed, the best performing of these cities belong to the Northwestern portion of the country. And the least performing are in the southern and mid Atlantic.

What This Means to me?

As a prospective home buyer, what does this information mean? They are very important if you look at the local aspects. There is a big possibility that your property will not be affected in any way, whether positive or negative, when there are changes in the nationwide trends.

It is important to know what has been happening in the real estate markets because:

1. The appreciation of home values will mean buying a new home is more expensive. Right now, there is appreciation seen in many local cities, as predicted by experts.
2. The home prices and interest rates are quite low. This only indicates that this is the best, perfect time to purchase a new property because of the great deal you will get. If you check and compare data from 5 years ago, you will see how low the home values now are.
3. If you wait for six months to a year before finalizing the decision to buy a property, you will just be likely to pay more since home values have started to creep back upwards.

Knowing this information, you can now weigh in what you should do. Well, the very first thing would be getting and collecting a mortgage loan quotes to see what your options are. Through these quotes, you will be able to see the costs of purchasing a home now and what interest rates you will be paying –whether it is short term or long term you desire.

Contact your lender and talk to him. Get his estimate of the value of your home. You should not forget, however, that you should take a look at the overall goals you aim for in buying. But my suggestion is that if you are planning to purchase a property in the next six months, might as well move now and get pre-qualified for a home loan and see for yourself how much you will get to save before the costs go up.