Is now a good time to buy a house? This is one of the most common questions we get from readers. It’s also a question that cannot be answered with a simple ‘yes’ or ‘no’ across the board. So we’ve created a Venn diagram to show the overlapping factors that need to be considered when answering this question.
Like most Texas cities, Houston avoided the the real estate speculation and pricing bubbles that affected other major cities in the U.S. So it was somewhat shielded by the effects of the housing market crash. Given this history, it’s no surprise that this market is so stable right now, compared to the rest of the nation.
Houston was one of the most stable real estate markets in the country last year, at a time when home prices were still free-falling in many parts of the country. We expect this to continue into 2011. In fact, the same could be said for most major cities in Texas, a state that escaped the worst of the housing crisis.
Like most cities in Texas, Austin escaped the worst of the housing market collapse. The city didn’t have much of a bubble going into the crisis, so home prices didn’t have very far to fall. This makes it something of an anomaly, compared to the rest of the country. It’s good news for homeowners, and for the local economy in general.
Washington, D.C. was one of the first local markets to recover from the national housing crisis. According to the latest data, and quite a few predictions, the city could be one of the most stable markets in 2011. Home prices have shown stability in recent months, and we expect this to continue in the new year.
What can we expect from the San Diego real estate market in 2011? That’s the question we set out to answer recently. We gathered insight, opinions and predictions from several knowledgeable sources. The consensus: You can expect moderate declines in home values over the next year, with a solid recovery sometime in 2012.
An underwater homeowner is someone who owes more than the home is worth in the current market. Thanks to the evaporation of property values that occurred during the housing crisis, there’s no shortage of these homeowners today. But most of them reside in the states that were hit hardest by the crisis — Nevada, Florida, Arizona, Michigan and California.