Provided by Entrepreneur.com

Whether you're looking for an investment property or a place to live, here's a look at the cities you should seek out and avoid in 2008.

The housing crunch and the excessive inventory -- exceeding 10 months on resale homes -- continues to take its toll on housing prices. But over the long term, housing is still a good investment. In fact, it's more than an investment; it's a home. Plus, you're not really saving anything by renting, as the costs of renting and owning are about equal (well, owning may be a little more). The tax benefits of home ownership far outweigh renting, too. With good housing prices in many great areas, this may indeed be the time to buy.

So now that I've convinced you this is a good time to buy a home, the next question is, Where do you buy one? No matter where you look, you should check out some basic economic fundamentals before buying. Is job growth stable in the area? Is income keeping up with inflation? Is crime above the national average? Is there a higher-than-average rate of foreclosures? These issues and others play a factor when deciding where to buy a house.

As a real estate investor and analyst, it's my job to provide buyers with qualified information on where to buy -- and where to stay away from. Here are my thoughts for 2008 based on the indicators noted above.

Killeen, Round Rock, Austin, Texas: Killeen has the lowest average home price in any market in the nation while still maintaining quality. Round Rock and Austin have seen incredible job growth and very stable home prices despite the downturn nationwide. Jobs continue to grow here -- a factor for keeping inventory low and prices stable.

For more information visit www.RomeoM.com


Austin Texas Real Estate

The House, in a 383-35 vote, has passed an economic stimulus bill that temporarily increases the loan limits for Fannie Mae, Freddie Mac, and the Federal Housing Administration. The stimulus bill (H.R. 5140) raises the loan limits to 125% of median area home prices in high-cost areas, with a $729,750 cap, and it is expected to increase home sales and help stabilize real estate markets. Raising the loan limits for Fannie and Freddie could generate 300,000 additional home sales, reduce the inventory of unsold homes, strengthen home prices, and help 210,000 families avoid foreclosure, according to the National Association of Realtors. "Simply lifting the loan limit will have an immediate impact on lessening foreclosures," NAR chief economist Lawrence Yun told reporters. Preliminary estimates also indicate that raising the FHA loan limit could generate 200,000 to 250,000 additional home sales and 500,000 refinancings. It would also reduce foreclosures, the association said, but NAR economists have not completed that analysis. The Senate is expected to pass its own stimulus bill by Feb. 1. The association can be found online at NAR

www.RomeoM.com


RomeoM

Important News Update about the Real Estate Market in Austin Texas

With all the bad press that the real estate industry has been receiving about home foreclosures, you'll feel more secure in knowing that a recent report shows that real estate values in the Austin area are still considered to be amongst the most undervalued homes in the nation. These are some of the highlights from the report of why the real estate market in Austin is a sound investment:

- Number "ONE" best place to invest! (According to Smart Money Magazine: Categories used were jobs, economy, price, building permits, vacancies and population growth.

- Third fastest growing city in the nation over the next 25 years! (Brookings Institute, January '05)

- Value, Value, Value! (Investors are moving into Austin because experts see great value in home prices and predict increasing appreciation!)

- Rated 3rd out of 150 top metro areas for best places for business and careers by Forbes Magazine, May 2005! (Austin achieved the #3 spot in America by having the following: High Number of advanced degrees, low cost of doing business, low cost of living, low crime rate, abundance of culture, leisure, and educational attainment, income growth, job growth and net migration.)

- Ranked among the top four most loved cities - by Travel & Leisure Magazine!

- Ranked #1 in the USA for best cities for relocating families in large metro area!

- Ranked # 15 in best Retail Market in the US!

- Ranked #4 in the top 20 next boomtowns in America!

- Demographics: The age distribution of the local Austin population is heavily tilted toward the 20 to 34--age category.

- Austin Economy: The local economy is now more closely tied to national demand because of the rapid expansion of the local computer and high tech industry. Texas ranks second nationally in terms of overall jobs. The states high-tech firms employ approximately 435,400, and Austin's diversification and large state and federal government sectors, including the University of Texas provide economic stability. The current economic situation is improving with strong job growth: A May 2006 report in Business Magazine ranked Austin No. 4 nationally for projected job growth among metro areas with at least 1 million residents. Local economist's project over 20,000 new jobs per year for the next five years will occur in the Austin area.

- Austin area home prices are below the national average: Prices were flat for several years as immigration fell, but the average home price has risen 11.5% in the past 12 months, and the medium sales price has increased from $166,800 in January of 2006 to $182,000 in June of 2006, suggesting a real estate recovery and the beginning of a growth market cycle.

Given all of these reasons and the current low mortgage interest rates, why wouldn't you want to purchase your own piece of Austin Real Estate?

For more information contact Romeo Manzanilla or visit www.RomeoM.com or www.century21austintexas.com

References:

Century 21 Austin Texas

Austin Texas Real Estate Realtor

Century 21 Austin Texas

2008
February (1)
January (2)