This ties in with another post I have about how the deals seemed to have dried up in Richmond, Va. Just this morning, I saw on the news that RVA is the 4th hottest housing market in the counry for 2016, according to Zillow. From my recent experience, I think they got at least my market correct. What is the trend in your area, hot or not so much?
"Three variables influenced Zillow's hot market predictions: Zillow's Home Value Forecast, which forecasts the change in the Zillow Home Value Index over the next 12 months, recent income growth, and current unemployment rates. Those three variables were then scaled and combined to form a 'hotness score,' producing the top ten list."
|Metropolitan Area||Forecasted Home Value Appreciation||Income Growth||Unemployment Rate|
|Salt Lake City||4.4%||1.0%||3.1%|
Happy to see Richmond on the list, and the remainder make sense to me.
The big coastal cities are getting ridiculously expensive:: http://fortune.com/2016/01/11/real-estate-bubble/
These markets are seeing job-growth/urban-revival or a combo of both. The urban life and walkability dreams of younger residents are still achievable in these markets. Just look at the nearest high-priced city, and that's where you'll see the migration source.
I don't trust Zillow data because they don't have a direct relationship with any MLS boards. They get their data from third party sources. Here in Texas, we are a non-disclosure state, meaning SOLD prices are not public - not posted to zillow or county tax records.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing