You have no doubt heard it said that cities with the fastest price appreciation are now the cities with the greatest deflation in home prices. This holds true for many of the cities in the list below. For example, Atlanta, GA “led the nation in new construction during the 10 year run-up before the bubble burst;” according to a newly released report by Deutsche Bank. Atlanta, Georgia now has the “most affordable homes in America.”
Huge Advantages to Purchase vs. Rent
The study shows Atlantans who rent are now paying 151 % more per month than they could be paying if they purchased the equivalent property. The median home price in Atlanta declined by 33% during the 2006-2010 housing crisis. February 2011 sales indicate an additional 14% price drop versus the previous year.
Top 10 Best Cities for Homebuyers
1. Atlanta, GA
2. Orlando, FL
9. Buffalo, NY
10. Memphis, TN
Quality Report
There are many “Top 10” reports that leave us scratching our heads, but this report provides thorough documentation on how each city earned its spot on the list. It also assesses how much money is being “left on the table” by those who choose to ‘rent vs. buy’ in each market. This is a great time to ensure the rent versus buy statistics are part of our marketing efforts.
HUD-Owned Home Perks
Remember that qualified FHA borrowers (owner occupants) can close with only 3.5% down. Better still, some markets feature the “$100 Down Payment” program. Ask your real estate professional for details. And last but not least, most FHA mortgages are assumable loans—which can be a huge future selling advantage if interest rates continue to climb. Check with your Lender for details.
Visit our website for more information about available properties or about buying and selling affordable homes.