Each month realtor.com® analyzes their data to identify the “hottest” real estate markets across the US. These are the areas where online listings are viewed more frequently and homes move off the market more quickly, which indicates a higher level of buyer activity. Towards the end of 2015, their team offered predictions of which markets would be the hot spots in the New Year.
The Top 10 List*:
- Providence, RI
- St. Louis, MO
- San Diego, CA
- Sacramento, CA
- Atlanta, GA
- New Orleans, LA
- Memphis, TN
- Charlotte, NC
- Virginia Beach, VA
- Boston, MA
*Source: www.realtor.com
Growth in these cities, in the form of appreciating home values and an increasing number of home sales, was forecasted to be better than average.
What does this mean for mortgage professionals? While these predictions are no guarantee that real estate in these areas will be in higher demand, it is reasonable to keep a close eye on any of these markets that you serve.
Marketing to first time home buyers, as well as those downsizing, could be a good way to leverage these hot markets into additional business. Be sure you have attractive options for younger buyers who may not have the funds available for a large down payment. It also may be a good idea to have a solution for retirees who prefer shorter term loans and are looking to save on interest costs.
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Tags: housing markets
