When it comes to trends and projections in the real estate industry, the majority of the attention is placed on the next hot market. It’s exciting to look at up and coming neighborhoods and try to predict where the market trends are heading, but it’s almost just as important to pay attention to the potentially failing real estate markets. Recent research reports point to the fact that the overall housing market is heading for trouble, highlighting that 2018 is set to be the worst year for housing affordability.
With housing prices rising and inventory declining, this year has already been tough on the real estate market. Affordability is taking the biggest hit, as sellers are raising prices and encouraging bidding wars in urban areas. In addition, interest rates are increasing and therefore impacting long-term expenses for buyers. The following are some of the worst real estate markets in 2018:
- Oakland, CA
- Detroit, MI
- Miami Beach, FL
- Anchorage, AK
- San Francisco, CA
- Newark, NJ
- Salt Lake City, UT
- Baltimore, MD
- Buffalo, NY
- Bridgeport, CT
- Toledo, OH
Location truly matters in the real estate industry. Whether you are looking for an investment property or for a new family home, it is important to research the details and trends about the state, city, and neighborhood you are considering. Purchasing a home or investment property is oftentimes life’s most important financial transaction. And the importance of having an experienced, professional partner guiding you through the process cannot be overstated.
The Law Office of Brenda Murzyn, P.C. is highly experienced in all legal aspects of buying or selling residential real estate. Even if you are simply considering entering the real estate market, we recommend contacting our office to ensure that you are in the strongest possible position prior to signing a contract.
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