SAN FRANCISCO-A recent report from locally based Trulia Inc. says that 2013 was the year of the investor, but 2014 will be the year of the repeat home buyer. As prices rise, buying homes will become less attractive to investors as well as first-time homebuyers, but repeat buyers will be able to offset the higher price of the home they buy with the higher price from the home they sell.
Additionally, the report says that investor purchases of single-family homes to rent will decline, but multifamily construction in 2013 will add to the supply of urban rentals in 2014. Urban apartments, not single-family homes, will be the first stop for many young adults when they finally move out of their parents' homes and become renters, says Trulia.
Heading into 2014, consumer optimism is climbing back, says the report. According to Trulia's latest consumer survey, 74% of Americans said homeownership is part of achieving their personal American Dream—the highest level since January 2010. However, the effects of the recession and housing bust still sting.
Trulia chief economist Jed Kolko says that the below list are the top 10 US housing markets to watch based on their strong fundamentals, including recent job growth and longer-term economic success, as well as recent construction activity typical of vibrant markets. California markets, where prices look overvalued, and Florida markets, where foreclosure inventories are high, didn't make the cut.
They are as follows:
Bethesda-Rockville-Frederick, MD
Charlotte, NC
Denver
Fort Worth, TX
Nashville
Oklahoma City, OK
Raleigh, NC
Salt Lake City
Seattle
Tulsa, OK
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
