Top 5 “Sealed Deals” Cities

Posted by Peggy Boehm on Nov 30, 2007

Part 1

Few major decisions in life seem to be as monumental as moving to a new town and buying a home, or even buying a home in one’s existing town.

Those of us who work daily with homebuyers recognize the daunting task house hunting presents to many a homebuyer.

Many consumers of all products want to be on the leading edge of the latest buying trends. How many of us stood in line to grab the iPhone and the Nintendo Wii. The same can be said for home buying.

Not only do homebuyers want to locate in the hottest areas, but many assume there’s an ultimate financial payoff in being on the leading edge. Buy into an “up and coming area” the theory goes, and you can enjoy the thrill of watching your Pied-a-Terre appreciate in value.

As a Realtor who wants to earn repeat business and referrals from happy customers, it may prove beneficial for us to help our home buyers situate in growth areas, and not declining areas.

It’s interesting that of HomeGain’s most active metro areas for home buying in 2007, three are East Coast cities, Washington DC, Atlanta and Philadelphia. Chicago in the Midwest and Dallas in the South round out the top five.

Here’s how the top five home buying markets in 2007 for home purchases of HomeGain homebuyers rank.

1.“Capital City”- Washington, D.C. The nation’s capital and surrounding suburban area leads the pack for home buying in 2007. There is a 6-month supply of homes for sale inside the Capital Beltway – the 64-mile-long freeway that encircles Washington, DC - and prices for homes in good condition are stabilizing. When asked about the local market, Rob Silver of RE/MAX Alliance said, “We are lucky here in the DC metro area to have found the market to be stabilizing in 2007. If a house is priced well, shows well and is in a good location, it still moves fast.” The median sales price is $400,000.

2.“Hot-lanta” – Atlanta, GA. “Hot-lanta” is the major transportation hub of the Southeast and is still a relative bargain for homebuyers, with the median price for a single-family home in Atlanta only $233,198. There’s a nine-month-plus supply of inventory and new home builders are offering more incentives.

3.“Big D” – Dallas, TX. Dallas is on the upswing with people moving there from all over the country. The trend in this large metropolitan city is toward buyers moving into town homes and condominiums near the downtown area where commute times are shorter. The local real estate market is strong and prices are expected to rise four percent in 2007. Dallas is home to top museums and theater groups, and boasts high-profile sports teams like the Cowboys, Mavericks and Stars.

4.“Windy City” – Chicago, IL. Known as the “Windy City,” Chicago has numerous big-city cultural, educational, recreational and economic attractions. Its real estate market has, according to Karen Breen Elia, a real estate broker with RE/MAX Prime Properties in Chicago, “strong job growth, sustainable income and neighborhoods which have value to its residents.” Breen Elia says Chicago is experiencing a “spike up in sales activity partially due to rising interest rates, and, more importantly, due to the buyer’s perception that we have no ‘bubble’ in Chicago.” Chicago is the second most active city in 2007 for HomeGain homebuyers looking to “Find a Realtor” to help them purchase a home.

5.“City of Brotherly Love” – Philadelphia, PA. More potential homebuyers expect to purchase a home in this “City of Brotherly Love” and its environs than in any other major metropolitan area this year, according to HomeGain. Philadelphia is fifth on the list for closed sales this year for HomeGain buyers and sellers. Carol McCann with RE/MAX Millennium in Philadelphia says “right now, the areas that are up and coming are the Center City area and nearby Northern Liberties, Fishtown and Port Richmond.”

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