Sunday, September 20, 2009
Where to Find America's Affordable Real Estate
By Adam Lindheim
The real estate market has taken an obvious hit, and every says the time to buy a home is now. Every region of the country except the New York metro region has seen their housing market become more affordable for potential buyers. The Midwest still has the most affordable housing regions which included Indiana, Ohio, and Michigan. Those looking to buy homes will always find the best value for their dollar in the Midwest region, but on both coasts new regions are beginning to offer better deals.
Dennis Torres, executive director of real estate operations at Pepperdine University, said the housing crash and low interest rates have combined to create a once-in-a-generation opportunity for buyers. "People are going to talk about this as 'I could have, I should have' for decades," he said. "If you're confident that you'll stay in the location for seven years and you're confident of your income, don't walk, run."My family is in the process of selling and buying a new home it is interesting to take this view point. Not many people are confident in their job situations as of now, and no one knows where they will be in the next seven years.
Many of these regions have tried to spur economic growth within their own communities in order to raise the value of their properties. For instance in in Flagstaff Arizona they are boosting the salaries of their residents by fueling the biosciences, renewable energy, and other high-paying industries said Vice-Mayor Al White. Although for many of the affordable regions of the U.S. their job opportunities are minimal and make it very unappealing for potential residents to move in.