CNN'S Best And Worst Real Estate Markets For 2010

By
Real Estate Agent with CONLON/Christie's International Real Estate

CNNMoney.com Predicts The Best And Worst Real Estate Markets For 2010

 

Real estate is localCNNMoney.com recently published its 2010 forecast and projections for home prices in the country's largest metro markets. 

Listed as "Top 25" and also comprehensively by state, CNNMoney.com's home price forecasts puts Santa Rosa, California at the top of 2010's home appreciation list and Hanford, California at its bottom.

The 10 cities projected for highest home appreciation in 2010 are:

  1. Santa Rosa, CA : +6.0%
  2. Cheyenne, WY : +4.7%
  3. Kennewick, WA : +4.6%
  4. Merced, CA : +4.4%
  5. Bremerton, WA : +4.2%
  6. Fairbanks, AK : +4.2%
  7. Corvallis, OR : +4.1%
  8. Tacoma, WA : +3.9%
  9. Anchorage, AK : +3.8%
  10. Bend, OR : +3.3%

The Pacific Northwest is the region most heavily-represented among price gainers. The Southeast and Middle Atlantic are most represented on the under-perform list.

However, just because a city's homes are expected to appreciate (or depreciate) in 2010, that doesn't mean that every home within its limits will follow suit.  Real estate cannot be grouped on a city level like CNNMoney.com tries to. There will always be areas in demand within city limits in which prices rise, just as there will be out-of-demand areas in which prices fall.

Real estate data can't be grouped by city or even by ZIP code, really.

Real estate is more local than that.

When we say "real estate is local",  it means that every street in every town has a distinct set of traits that drives its home values. Homes that are one block closer to the train; or, homes that are facing north; or, homes that are made of brick. Each of these characteristics can affect a home's desirability which, in turn, can affects its sales price.

National surveys can't capture "essence" like this. They only report on the aggregate.

For local real estate data, look to established, publicly available websites and to active, local real estate agents.  Both will have data and insight that can help you.  National surveys often make for good headlines, but do little to help homebuyers find good value.

 

Posted by Michael LaFido on March 23, 2010 | Tags: Home Values

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  1. Don Spera 05/29/2010 12:45 AM
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Rainer
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Jennifer Pirkle
Harvest Realty 678-617-0715 - Dawsonville, GA
Dahlonega, Dawsonville, Cumming, GA

I totally agree, incomes differ from $20,000 to $100,00++ here in Dahlonega, GA.  In my area, prices can drop or soar 20% based on exact location.  We have nice suburbs, Mountain Views and beautiful Lake Lanier.  Definitely something for every income and preference.

Mar 23, 2010 12:54 AM #1
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Bill Morris
RE/MAX Capital City - Austin, TX
ABR, CRS, CDPE, ePRO, MBA

I use the term "hyper-local" with my clients, because sometimes all it takes is crossing a street to be in a very different functional market area.  Regarding CNN's list ... it is great that they're gaining value.  Unfortunately, many of them are on the list that took the biggest hit over the past couple of years, so they need every percentage point of gain they can get.  Let's hope the end of tax credits and the inevitable rate increases that are coming don't derail their recovery.

Mar 23, 2010 07:45 AM #2
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Michael LaFido

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