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Top 10 Cities for a Real Estate Bargain

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Bargain hunters, get ready

houseToday, Zillow.com and Good Morning America uncovered what they’ve deemed the “Top 10 cities to bargain for a house.”

Zillow said that to determine the list, several factors were considered “including where buyers were able to negotiate the biggest discount off the last list price, days listed on Zillow, Zillow Home Value Index, and percentage of foreclosure resales.”

The top ten cities:

  1. Naples, FL
  2. Cape Cod, MA
  3. Charleston, SC
  4. Merced, CA
  5. Chicago, IL
  6. Atlantic City, NJ
  7. Cleveland, OH
  8. New York City, NY
  9. Flagstaff, AZ
  10. Pittsburgh, PA

Each of these cities is quite different than the other, not only in the makeup of each metro area, but in their median prices, average style of home, lifestyle offerings and more, yet the indices show negotiation power for buyers in these areas- in the #1 city, buyers average the ability to negotiate 7% off of the home price.

If you practice in one of these areas, do you find home prices negotiated down frequently? What other factors would you look at for a list such as this?

Lani is the Chief Operating Officer at The American Genius - she has co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

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22 Comments

22 Comments

  1. Benjamin Ficker

    February 17, 2010 at 1:25 am

    “Each of these cities is quite different than the other…”
    Except for #9 and #14…
    The seem awfully similar to me…

  2. Joe Loomer

    February 17, 2010 at 6:58 am

    is there a “Carleston” in South Carolina? Or is it Charleston? Might sound like I’m being sarcastic but you never know about town names here in the South!

    If you missed it – our area is where one of the two new Nuclear Power Plants will be built near Waynesboro, Georgia. I expect Augusta may end up on the hottest markets list within the year.

    Navy Chief, Navy Pride

  3. mWoods

    February 17, 2010 at 2:33 pm

    I wish they would have been a bit more specific. Saying 7% off list price is very one dimensional in this business. Is that original list price or perhaps they had price reductions?
    Also, were seller’s concessions, if any, factored in?

  4. Mike Ciucci

    February 22, 2010 at 1:10 pm

    Glad to see that Charleston has made this list…or am I? Well one thing’s for sure- real estate sure is picking up down here.

  5. Nashville Grant

    February 24, 2010 at 4:54 pm

    What about Sarasota, FL? Fortune Mag consistently ranks that area quite high.

  6. Nashville Grant

    February 26, 2010 at 1:39 pm

    How can Cleveland be both Zillow’s #7 best city and Forbes’ #1 most miserable city in the US? So you feel good about your real estate purchase for several seconds and then you get all miserable after? Awe, poor Cleveland.

  7. Katie Clancy

    March 11, 2010 at 9:40 pm

    Hey-
    I’m a Cape Cod Realtor. That 5% difference has been pretty standard for years. I’m intrigued by the fact that this is a notable stat. Of particular interest to me is the fact that even during the recession and through the ups and downs of the past few years, 4%-6% has been the magic number.
    It begs new questions: what are the national stats, is this a phenomenon unique to resort/retirement areas, etc.
    Thoughts?

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Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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