Tepid real estate markets in US

Some US cities are experiencing little or no demand in the real estate market. These are places where it is extremely hard to sell a property. Bidding battles between buyers are non-existent. The list of such markets, however, does not include cities where nobody wants to live. Unemployment is large in such markets. On the contrary, the list contains cities which have better employment prospects. In short, buying any property in such cities makes an excellent deal. For bargain hunters, the list would be ideal. The markets mentioned are healthy ones. There continues to be a little buying interest and quicker sales when compared to the preceding years.

Places with low prices

First on the list is El Paso in Texas. A property in this Texas City would have to spend an average of 91 days in limbo before getting a buyer. Its location is quite good: between Mexico and the United States. Even though there is a strong possibility of trade, the recent upside of the US dollar has discouraged the average Mexican shopper. It also did not help that employment growth was also slow in this town. Whatever be the reason, properties are a bargain buy due to the city’s diverse culture and excellent climate.

Next on the list is Albany, NY. The average number of days on limbo for any property is 96. The reason why properties are sold less in this part of the world is the sky high property tax- one of the most expensive in the United States. Buyers are also few due to the shrinkage of government jobs in the area. On the bright side, many big private companies like IBM are moving in. It is expected that thousands of jobs will be created as a result. A big draw for buyers is the place’s winter time activity, with snowmobiling, tubing, ice skating and sledding drawing visitors from other places.

Cruel winters

Virginia Beach in VA is another tepid real estate market. A property would have to spend an average of 73 days before being sold. The place comes with soft sands, rolling waves and tourists. A large number of jobs are available. The property market is lukewarm due to the city’s harsh winters. Sales of homes slow down noticeably during that period. It does not help the property market that Virginia Beach is extremely vulnerable to hurricanes. The Hurricane Matthew is one of the last to strike the city.

Leave a Comment