Dennis Norman
Do you want to know what areas are going to the best performing real estate markets in the coming year. How the ones that are going to be the worst-performing?
I can’t say that I know the answers to these questions however Veros Real Estate Solutions has published their quarterly update with their “VeroFORECAST”. Their forecast projects what the five best and five worst markets will be in the year ahead based upon “more than 50 critical decisioning factors” (I can now add “decisioning” to my vocabulary..) including interest rates, unemployment, inflation and housing inventory as well as “an array of economic and geographic trends.”
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Beaumont/Port Arthur, TX +5%
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Boulder, CO +5%
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Amarillo, TX +5%
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San Diego, CA +4%
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Charleston, WV +4%
After what the market has been through, it ‘s good to see some positive numbers on the cities above, indicating an expected appreciation in real estate values in those areas. Unfortunately, for the list below of the 5 markets expected to be the weakest in the coming 12 months their expected “appreciation” is all negative, however the rates of price declines in these areas are better than we have seen in the recent past*:
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Reno, NV -12%
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Las Vegas, NV -11%
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Palm Bay/Melbourne/Titusville, FL -10%
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Port St. Lucie/Fort Pierce, FL -9%
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Miami/Ft Lauderdale/Miami Beach, FL -9%
Hmm, as I type this I am thinking that not long ago I did a post a while back quoting a report published by another company that analyzes real estate markets and I’m thinking they had Port St. Lucie, FL on their list as expected to be one of the better performing markets….I’ll have to dig back into that….We all have to remember though, even though this data comes from very reputable companies with educated analysts that watch the market, at the end of the day these forecasts are just “opinions”…and you know what they say about opinions. :)
*This report and data was based on residential real estate in major metro areas amount single-family homes in the median price tier. Veros publishes forecasts and data for various segments by property type (single-family vs. townhouse/condo), by three distinct pricing tiers (upper, middle and entry-level) and by metro area, county and zip code. (hey, they can’t give us all the data for free, they need to have something left to sell)
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Dennis, frankly I’m not at all surprised to see my market on the “worst” list….exactly why we’re ensuring that we can cashflow at least $400/month on our rental properties to withstand a possible rent adjustment or two as well. I still stand by the ability to profit from rehabs even in South Florida as long as you buy them low enough to be able to fix up and then resell them at a highly competitive price. Great post thanks! Just retweeted.
Shae,
Thanks for the comment…I agree with you in terms of profiting on rehabs in your market…It’s the same old story, whether in a good market or bad, the profit is made and lost in the buy.