According to MSN Real Estate, Moody's has named Tacoma the city where home prices will peform the best in 2010. Five cities were chosen - the other four are Memphis, Pittsburgh, Charleston, and Seattle.
That's great news for us in the Puget Sound area. And for anyone who is considering moving here soon. Not only are we surrounded by an abundance of natural beauty and recreational activities, but our economy seems to be fairly strong as well. (I'm sure not everyone who has been laid off or lost their homes would agree, but apparently we have fared better than other large cities.)
The basis for Tacoma's #1 Best Real Estate Market in 2010 ranking consists of a few factors:
1) Our market is not saturated with homes for sale
2) Over the past 10 years, home prices stayed basically in sync with household income
5) The Tacoma-Seattle area is a key hub for trans-Pacific trade
While home prices nationwide are expected to drop by 7.9% in 2010, Tacoma's is expected to increase by 2.44%. The prediction for 5th place Seattle is a price decrease of 0.50%.
So although the increase is modest, it is nonetheless an increase - and a very welcome one!
You can read the entire article at: http://realestate.msn.com/article.aspx?cp-documentid=23191526