Categorized | Residential

Some Real Estate Markets Feature Vastly Undervalued Homes

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As residential real estate prices in the prime cities, such as New York and Los Angeles, continue to increase to record levels, other cities are continuing to face record low prices. It should come as no surprise that the values attached to homes in the struggling secondary markets are considerably undervalued.

Analysts have said that it is currently a great time to buy a home. Most consumers have paid little attention to such advice, and for good reason. The overall lack of confidence in the real estate market continues to drive prices down, and has led to an extension of record low rates. However, reports are surfacing that give merit to the offered advice, as many homes in secondary markets are now being considered undervalued. Such undervalued homes may soon become prime targets for investors, bringing prices back up to previous levels.

Cities such as Las Vegas, Detroit, and even Riverside, California have been identified as growing markets once again. While many experts are very quick to doubt any significant future growth in the Detroit housing market, they do believe that some of the other identified areas could see growth much sooner than later. There is reason to believe that property values could surge over the next few years due to heightening demand. Speculators are saying that another boom is definitely possible, and advising potential homebuyers to make their purchases early to take full advantage of the opportunity that is presenting itself.

There has been little indication, however, that even the most undervalued properties will be snatched up soon. With the national economy and job outlook still in turmoil, consumer confidence may actually lead to such properties becoming further undervalued over the next year.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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