Affordable Homes Real Estate in Nation s 10 Most Cheap Livable Metro Areas

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    Title:

    Affordable Homes: Real Estate in Nation's 10 Most Cheap & Livable Metro Areas

    Word Count:

    1486

    Summary:

    The new HouseHunt Current Market Conditions survey researched the top most livable and affordable

    metro areas in the United States. The majority of the 10 metro areas reported balanced, good-to active real

    estate housing markets with sellers usually getting 95% or more of their asking prices.

    Keywords:

    cheap homes, affordable homes, real estate, homes for sale, real estate prices, housing market, metro areas,

    home prices, home values

    Article Body:

    The 10 most livable and most affordable real estate metro areas in the United States have a number of other

    favorable characteristics in common, according to a new HouseHunt Current Real Estate Market

    Conditions survey conducted by HouseHunt, Inc., a consumer-oriented Internet firm that provides free

    information to thousands of homeowners, home buyers and home sellers across the nation. The survey

    shows median home prices range from $130,100 to $194,400 for existing homes for sale and also found: The majority of the 10 metro areas report balanced, good-to-active housing markets with sellers usually

    getting 95% or more of their asking prices. Inventories of unsold homes are mostly limited.

    The majority of the 10 metro areas are experiencing strong job and population growth and good economic

    news. They offer quality lifestyles, good schools and solid family recreation along with other amenities.

    Sales data shows that many recent home buyers are relocating from other, often more costly areas.

    All 10 metro markets are attracting both first-time and move-up buyers because of affordable prices, lowmortgage interest rates and multiple financing options.

    Median real estate prices for existing single-family homes in the 10 metro areas range between $130,100

    and $194,400, compared to the national median real estate price of $188,800. Four of the 10 areas reported

    double-digit price appreciation in the past 12 months.

    All 10 metro areas have major universities located there.

    Five of the 10 metro areas are popular tourism destinations. Nine of the 10 metro areas are located in warm

    to moderate climates.

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    The 10 most livable and most affordable metro areas as determined by criteria developed by Places Rated

    Almanac (David Savageau) and the latest quarterly median sales prices compiled by the National

    Association of Realtors are:

    1. Salt Lake City-Ogden, UT $157,000

    2. Tampa-St. Petersburg-Clearwater, FL $172,800

    3. Raleigh-Durham-Chapel Hill, NC $175,600

    4. Houston, TX $138,100

    5. Phoenix, AZ $193,800

    6. Cincinnati OH, $139,600

    7. Louisville, KY $130,100

    8. Austin-San Marcos, TX $154,100

    9. Orlando, FL $194,400

    10.Nashville,TN $152,100.

    Four of the 10 metro areas Tampa-St. Petersburg-Clearwater, Raleigh-Durham-Chapel Hill, Nashville and

    Austin-San Marcos are also listed in the latest edition of Lee and Saralee Rosenbergs 50 Fabulous Places

    To Raise Your Family (Melissa Giovagnoli). Like Savageau, the authors give high marks for schools, jobs

    and business opportunities, family fun, housing affordability, living costs, climate, health care,

    transportation and quality of life.

    With all the negative news about spiking home prices and the widening affordability gap, its refreshing to

    find highly desirable metro areas where most buyers can find affordable homes, said Michael Bearden,

    president and CEO of HouseHunt, Inc. Our quarterly Current Market Conditions' reports are accessible on

    many of our HouseHunt.com agent websites across the country. For recent home sales in their

    neighborhoods, homeowners and home sellers can also find this information easily and immediately on

    HouseHunts new moveUp.com website.

    Mark Jenkins of Realty Executives, exclusive HouseHunt member agent for Salt Lake City, described

    housing activity in his metro area as improving from a depressed buyers market. He said many buyers

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    are relocating from out-of-state to take advantage of the lifestyle and lower home prices. A median price of

    $157,000 would probably buy a 2,000 square foot home with three bedrooms, two baths and a two-car

    garage on a one-third or one-four acre lot in a good location. Highest home price appreciation is occurring

    near the University of Utah. Another hot spot is Park City, a popular ski resort in the nearby mountains

    where Lee Merryweather of World Class Realty is the exclusive HouseHunt member agent.

    An active housing market is reported in the Tampa-St. Petersburg-Clearwater metro area by Linda Ippolito

    of Keller Williams Realty, exclusive HouseHunt member agent for Bayshore, Westshore-South Tampa, and

    Davis Island-South Tampa. She said the whole area is exploding with growth and new industries. Available

    housing is in limited supply. Although the median price home is $172,800 for the entire metro area, median

    home prices are closer to $400,000 in South Tampa. Waterfront properties are also priced higher. Average

    price appreciation is 15.7% in the past year. A slower-paced but high quality lifestyle is reported in the

    Raleigh - Durham - Chapel Hill metro area by Ray Lenahan of Robert Gray Realtors, exclusive HouseHunt

    member agent with Robert Gray for Wake Forest, Rolesville and Youngsville.

    The big attraction is our Research Triangle, three major universities, excellent quality of life, and moderate

    weather, Lenahan said - He said the median home price of $175,600 in the metro area is probably closer to

    $190,000 in his market area. That will buy a new home with 2,000 square feet with three bedrooms, two

    baths on a half-acre lot. Either that, or, it would buy an older home in a more established neighborhood, he

    added.

    Houston, with its can do entrepreneurial spirit and liberal-to-zero zoning restrictions, is attracting people

    from both the East and West Coasts to relocate and to invest in rental properties, according to Kathi Frank ofRE/MAX The Woodlands, exclusive HouseHunt member agent for The Woodlands and Woodland Springs.

    The Woodlands is a 27,000-acre planned community located 27 miles north of downtown Houston. Median

    price home for the entire metro area is $138,100, she said. That will buy a new, 1,400 square foot home

    from a production builder in North Houston or Woodland Springs. She added: Estate properties are priced

    from the low $200,000s to more than $3 million.

    Reva Schafer of West USA Realty, exclusive HouseHunt member agent for Scottsdale and Northeast

    Phoenix, reported a limited inventory and a very active sellers market, with sellers usually getting 100% ormore of their asking prices. The median price for the metro area is $193,800 but hard to find anything

    under $300,000 in my area, Schafer said. Its more like $350,000 to $400,000 as a median price in

    Scottsdale.. Lots are jumping in price. So are houses. Year-to-year appreciation is 24.4%! She cited

    tremendous growth in the suburbs of Peoria and Chandler. A year ago, investors were buying from builders

    and flipping (re-selling) the properties. No more. Now, a buyer must live in the property for at least one year

    to qualify.

    Good job growth, corporate relocations and an improving local economy is fueling the housing market in the

    Cincinnati metro market, according to Saralou Durham of RE/MAX Preferred Group and exclusive

    HouseHunt member agent for suburban Montgomery and Hyde Park in Hamilton County, OH. We have

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    fabulous cultural and recreational facilities and a good quality lifestyle, she said..A median home price of

    $139,600 seems a bit low, depending on the area. That amount of money will probably buy a small two

    bedroom, one bath home needing some repair or remodeling in one of our small suburban communities.

    In Louisville, Charlotte Wright and Michael McConnell of Evergreen Realty are exclusive HouseHunt

    member agents for suburban Jeffersontown. Louisville is now the 16th largest metro area in the nation,

    Wright said. Were a hub for UPS and have two Ford plants located here. Military personnel stationed as

    nearby Ft. Knox and their families are also relocating here, she said. The median price of $130,100 is

    probably low $150,000 would be more accurate. The latter will buy a three bedroom, two bath 1,200

    square foot house with a garage in a good area.

    Ann Parr of RE/MAX Austin Advantage and exclusive HouseHunt member agent for Westlake & Lake

    Travis said well-priced listings are attracting multiple, full-price offers in a very active sellers market.

    Average time on the market is 60-90 days. We have younger professionals who want to live close to

    downtown but the primary place to live is by the lakes, she said. Prices range from $150,000 to $6 million.

    Nice homes can be purchased for $250,000 to $350,000. The median price home is $154,100 in Austin.

    That would probably buy a starter home in the Round Rock area or a home needing remodeling in Central

    Austin. Patio homes for retired people near Lake Austin sell for $200,000.

    One of the hottest of the 10 metro markets on the list is Orlando, according to Steve Farah of the Royal

    Realty Group. Farah is exclusive HouseHunt member agent for Alafaya & Waterford Lakes and Kissimmee:

    Were experiencing unbelievable growth and home appreciation, he said. Our sellers market is so active

    that listings sometimes last only hours, not days. Buyers frequently must act immediately or the propertywill be gone! He feels that the median price of $194,400 is probably low because of high demand and the

    low inventory. A median price of $250,000 would be more realistic and would buy a three bedroom, two

    bath home with 1,700 to 2,000 square feet. Since the first quarter of 2004, the median price home has

    appreciated 28.7%.

    Nashville, the 10th ranked metro area on the list, offers a relaxed, friendly lifestyle and affordable home

    prices to newcomers, according to Mary Barbee of Coldwell Banker Andrews and Associates. Plus, there is

    no state income tax. Barbee is the exclusive HouseHunt member agent for South East Nashville. Themedian price of $152,100 seems low its more like $170,000, depending on location. That amount of

    money would probably buy a three-bedroom, two-bath new home with 1,200-1,500 square feet in the

    suburban communities of Madison and Smyrna, she said. The median home price is up 11.3% in the past

    year in the Nashville metro area.

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