Location is the most important part of buying a home. While variables like accessibility, affordability, and the local economy do factor in, job availability has become the defining factor for any seller’s hopes. Because of this, many people are beginning to prefer cities that have healthy, bustling housing markets over cities with quickly declining industries.
The housing industry is one of the largest in the nation, and for good reason. A place to live is something everyone needs, something everyone wants, and something that will always be around. Because of this, the slow climb to recovery is looking a little strange. While some locations are doing great and developing working markets, others are in a steep decline.
Here are just a few of the cities with healthy housing markets, and a few of the ones that are lacking in that department.
Both Tampa and Jacksonville are doing extremely well. With job and wage growths happening all over the state, Florida is looking very good right now. It’s a known fact that as job potential rises, more people are likely to buy real estate, and that’s becoming obvious in the booming Florida real estate market. Combined with many picturesque locations and several leisure opportunities, it’s a hot spot for buyers and sellers alike. According to experts, the potential is only going to keep rising, so it’s good to make your entrance now.
After the devastating effects of the crash, Las Vegas is making a steady recovery as well. With a steadily rising population growth and an influx of jobs in several industries, it’s only looking better by the year. Dallas is also looking promising, with many jobs coming into the area. The city of Dallas is known for having a big industry on just about anything, from entertainment and leisure to health-care and business.
On the flip side, most of New Jersey isn’t doing too well. Jobs are fewer and far in between, and houses are gradually becoming more expensive. San Francisco real estate agents will tell you their city is also looking at a serious decline, mostly due to the lack of affordability. The high cost of living combined with a lack of options is putting both buyers and sellers in a bad position.
Unlike Las Vegas, Los Angeles is experiencing a severe lack of inventory, which raises the prices of existing locations by thousands of dollars. This makes it extremely hard for anyone looking to buy, and nearly impossible for anyone to enter the real estate investment industry there.
While it’s important to keep the unpredictability of the housing market in mind, we’ve been seeing steady growth and decline in all of the listed cities above. Tampa is at the top of the list, Los Angeles is at the bottom, and it’s highly unlikely that they’re going to switch places anytime soon.
It’s impossible to know the future effects of everything you do, but with a little bit of planning, you can land yourself a safe spot in a city with a safe housing market and a promising industry in several other things, too.