Great opportunities also come with the worst economic recession since the Great Depression, especially in real estate. This is the best time to invest in property because nationally, the housing market is the most affordable in 18 years. That's 62.4 percent more affordability than a year earlier around the same time, according to the House Opportunity Index.
Homebuyers interested investing in property must understand there are three compelling factors that make a housing market attractive and profitable for owners:
Appreciative Prices: The real estate market must ease potential buyers' investment worries by showcasing appealing housing prices.
Affordability: Property affordability is crucial for middle-class family's opportunity to enter into the housing market with their credit history.
Low Number of Foreclosures: The less foreclosed homes out in the market, the stable the market prices become, indicating no excess of inventory.
Real Estates around the Midwest showcase all three of these factors. In the city of Pittsburgh, PA, 85 percent of the houses in the metro area have affordable housing for families with a median income of $62,500. 87 percent of middle-income family could also afford a property in Columbus, Ohio, is another one of the country's best housing cities.
Homebuyers looking into property shouldn't also rule out other major cities. Probably the hardest hit city by the housing crisis, the City of Angel is starting to revitalize and is projected to grow above other large cities in the country, thanks to the city's strong banking and financial industries.
According to the National Association of Realtors, Los Angeles is in fourth place in home sale price improvement out of 40 cities. Home sales price jumped 11 percent in third quarter, with another 2 percent between third and fourth quarter in 2009. It would be a good time to start checking out homes for sale in Corona Del Mar if you're looking for a home in Southern California.
The California state itself is also improving. According to the DQ News custom data for the housing market in January 2010, an estimated 27,858 new/resale/condos were sold statewide. 44 percent of the existing properties sold last month were foreclosed houses. The median home price is up $247,000, 10.3 percent more than $224,000 in January a year ago. Buyers are also committing $96 more to their mortgage payment from last year's January payment, $1,064 to $969.