Top Ten Cities to Buy a Home in 2008

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Forbes released an article on Feb 7, 2008 naming the top cities for buying a home in 2008. These are “…markets where job growth is strong, foreclosures are relatively low and inventory is high. With these factors in place, buyers can still dictate terms of sale and negotiate prices, but aren’t as exposed to the economic and lending risk problems that have sunk many markets around the country.”

Salt Lake City tops the list, again, as being the #1 place to buy a home this year, saying, “Of the major metros in the U.S., Salt Lake City is adding jobs faster than anywhere. The economic boom in SLC has drawn residents from all over the country, and more than a few home builders trying to make a profit in these otherwise woeful times. Housing supply has gone up quickly, and there hasn’t been a high rate of foreclosure.”

But some of the other cities might surprise you.

For example, the article places Phoenix at #5, saying, “Phoenix has a very high foreclosure rate; there’s no way around that. Based on RealtyTrac’s estimates, there is one foreclosure for every 87 households in Phoenix. Still, our data suggest that strong job and economic growth in many non-housing sectors of the local economy is enough to offset it, and people are still moving to the Valley of the Sun at a quick rate.”

And Las Vegas at #7, saying”Las Vegas is a market hammered by foreclosures, due largely to extremely high speculation in both residential communities and the condo market. Though the housing slowdown has hurt jobs in the construction sector, Vegas continues to attract businesses and job seekers to its growing economy, making its excess inventory (and there’s a ton) less toxic than in other places. ”

The complete top ten cities are

1 Salt Lake City, UT

2 Raleigh, NC

3 Orlando, FL

4 Charlotte, NC

5 Phoenix, AZ

6 Seattle, WA

7 Las Vegas, NV

8 Jacksonville, FL

9 Richmond, VA

10 Houston, TX

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15 thoughts on “Top Ten Cities to Buy a Home in 2008

  1. Mike,

    Don’t listen to the national media when they talk about fictitious “national real estate” market and trends. There is no national real estate market because all real estate is local.

    Of course, media is all about selling advertising, so everything in the “news” should be taken with a grain of salt anyways… whatever sells a paper, right?

  2. All real estate is local…I agree. But is the mortgage industry and the coming recession a local phenomenon? Making an offer on a home is just one piece of the puzzle when committing to a $250,000 buy.

  3. We didn’t make the list but things are definitely starting to pick up here and there are lots of bargains – maybe some of Orlando’s mojo will rub off on the Tampa Bay real estate market.

  4. Down in Cedar City we are having a mini recovery. I think our growth as a city has been helping to keep our market from dropping to much, which sounds simular to what is going on in Salt Lake.
    I also feel Utah is insulated from this correction due to the fact that we didn’t go up nearly as fast or as much as other areas. Which will also help us to not fall as fast or as much as other areas.

  5. I think Salt Lake is better off than many areas as far as maintaining value and local factors. The best time to buy is during a “buyer’s market”, you just want to make sure you are paying a good price for the property.

    There are good deals in every market right now. Real estate markets are cyclical so buy for a good price and if you plan on staying for a few years you should do fine.

  6. Richmond Virginia!?! Are you kidding me? Im from Virginia so I can say I know first hand Richmond is a complete dump! It constantlly has ranked among the worst cities for violent crimes over many years. Half the city is borded up or abandoned. This has to be a joke.

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