Top 20 Real Estate Markets for 2008
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With all the negative media attention real estate has been getting these days, one might assume there werenít any appreciating or growth markets left in the country. Nothing could be farther from the truth.
The problem with the news media is they tend to lump the subject of real estate into one big bucket, possibly because it makes things easier for them. This generalization glosses over one of the most important concepts we teach other investors. That is real estate is driven and affected by local market factors far more than it is by national or global factors.
Having said that, here are the top 20 real estate markets for 2008:
When local economic factors are strong, such as job growth and positive net migration, real estate tends to be resilient to broader economic factors, such as increasing interest rates and inflation. Consider these examples:
Salt Lake City, Utah experienced a median price increase of 10.5% by November 2007 over the previous 12 months. This was largely due to its population growth.
Austin-Round Rock, Texas saw home appreciation of 10% by the third quarter of 2007, and a 29% increase over 5 years. Their job market picked back up over the previous three years.
Idaho Falls located in eastern Idaho, close to Jackson (Jackson Hole), WY saw an increase of 12% by the third quarter of 2007, and a 50% increase over 5 years.
Grand Junction, located in western Colorado near the Utah border had an appreciation rate of 14% by the third quarter of 2007, and a 66% increase over 5 years.
The point to remember is that there are always good investment opportunities regardless of what you hear in the media or the state our nationís economy.
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