Six Types of 2015 Real Estate Markets to Expect
According to real estate experts there will be a number of specific real estate markets that appear in 2015. Each of these has a different persona and offers both advantages and disadvantages.
The first is what experts refer to as the Stalwarts. This market has a strong economy. It also remains affordable and features a significant number of millennial buyers. On the positive side, this market offers plenty of jobs and has booming economies but on the downside, there is a poor selection and buyers are extremely particular. This market will be seen in cities like Dallas, Houston, and Chicago most.
Another housing market for 2015 reaches incredibly high prices that will peak but also drop down to a negative position. The markets offer a variety of well-paying government jobs and strong economies but with low inventories, bidding wars are expected. Some of the primary areas where this market will be seen include Washington, DC, and in California, San Francisco, and San Jose.
A third market entails cities impacted hard by the recent financial crisis but where sales are starting to pick up. In these areas, broad job growth is expected and there will be a lot of investors. The problem is that very few affordable single family homes exist and for new construction, this is focused primarily on luxury homes. Cities where this market will emerge are Orlando and Miami Florida, as well as Atlanta.
We also want to mention the market that is driven by technical economies, those where young wealth exists. Housing in cities such as Boston, Denver, and Seattle, are becoming more expensive but there is some growth although it is restricted by geography or zoning. The biggest problem is lack of room for expansion and while suburbs were at one time highly popular, they have started to dwindle.
For the markets in Raleigh, Baltimore, and Philadelphia, there are definite gains in big technical type jobs and significant new development but unfortunately, most of the homes are considered unaffordable.
The last type of real estate market to expect this year is the one hit the hardest by the housing market crisis and where there are still few jobs available. These cities include Phoenix, Las Vegas, and Tampa. On the upside, finding a home is easy because of large inventories but the negative aspect is that most remodels have cookie-cutter solutions and builders tend to be a little overzealous.
The Bottom Line
Job opportunities are getting better and the economy is beginning to recover. As part of this, is the housing market that is starting to see improvement. However, there are distinct differences in what real estate will offer this year based on the market. Some cities have an abundance of homes while others have slim inventories. Some cities offer extremely affordable houses while others are high-dollar. For someone interested in buying a home, it helps to pay close attention to the markets that will be most prominent in 2015.