The Raleigh Movers Present America's Overvalued CitiesThe housing markets went through some wild times this decade. We saw prices soar at or near their highs and we saw prices plummet to very low levels. According to an article that was published in 2006 by CNNMONEY 299 U.S. housing markets were overvalued and 213 cities were overpriced. That was of course four years ago when real estate was hot and heavy! Four years later, we are not in the same situation unfortunately. One example of how overvalued some cities were, look at Naples Florida where 84% of the homes back then were priced well over the fair market value this statistic was compiled by the National City Corp. And IHS Global Insight. Today in Naples Florida a house that would have sold for close to $400,000 in 2006 would sell today for the price of $165,000 according to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services. Talk about a huge discount!!Today, Naples Florida is undervalued as well as many other cities.
Atlantic City today is the most overvalued city at 30.2% over the fair market actually. Wenachee and Washington are at 28.9%. Ocean City, N.J is the third most overpriced city. All My Sons of Raleigh want to remind you that prices will always fluctuate when it comes to real estate. But real estate is always a great investment. Patience is very important when buying or selling real estate, remember that.
When it comes to undervalued cities, the city of sin, Las Vegas is below the fair market value at 41.4%.Vero Beach, Fla stands at -39.8%, Merced, California at -37.7% and Cape Coral, Fla -36.8%. Obviously location is a factor. Take San Diego for example with the great weather a house there is more expensive than Detroit for example. Weather and location are not the only factors in play with what is going on in real estate today. Mortgage lenders were quite flexible four years ago, today they are much tougher, making it that much harder to get a mortgage. This too has an impact which reduces the demands for homes.
So what should one do if looking to move? First thing is to make sure to call the local Raleigh movers because they are experts at what they do! Backed by four generations of moving experience, the local Raleigh moving company is licensed and insured and is staffed with professionals to help you out throughout your moving experience. After remembering to call the Raleigh moving specialists, just keep in mind that it comes down to patience. Right now the housing market is tough, but if you still want to buy then it might be a good idea to look at some foreclosures. If you are thinking of selling, it might be better to wait it out, if that of course is a possibility. All in all, real estate is a pretty solid investment. It will go up and will come down but in the long run, you can always expect to make money of a real estate investment.