The National Association of Realtors® announced with a big headline on CNN Money all day yesterday that we’re now in a buyer’s market. Yes, the Realtors® want to get the word out because house sales are slumping in many areas of the country. There’s a big reminder to consider the source and the motivation of anything you read. The NAR wants everyone to start believing it’s a buyer’s market so consumers think they’re getting a bargain.
In the mean time, CNN is still reporting on the most overpriced markets. Topping the list are mostly California and Florida communities. New York-North New Jersey doesn’t appear until number 16.
Want to move somewhere where real estate is undervalued? Try El Paso, Memphis, and Little Rock. Within the 100 areas surveyed, there is a strong skew towards the “overpriced” side of the curve. I don’t see how it’s mostly a “buyer’s market” just yet. But the Realtors® can keep up their press; maybe they’ll persuade someone.
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> Want to move somewhere where real estate is
> undervalued? Try El Paso, Memphis, and Little
> Rock.
I disagree. I think they are worth exactly what people are willing to pay for them, which is next to nothing compared to much of the rest of the country.
There is a reason El Paso, Memphis, and Little Rock are consistently at or near the bottom of the list: they’re crappy towns. You couldn’t pay me to live in any of them.
I’ve never been to those three, but I have been to Dallas, which is low on the list. The city itself is dead at night, but it doesn’t seeem so bad if you can stand the summer heat.
Eh buyer’s market? Prices are still going up and even more inflated than last year.
I think it’s now a buyer’s market. In California home prices are being reduced to cope with the declining market.