Top 10 Real Estate Markets for 2010

"It's been a tough few years for those looking to buy or sell real estate. We thought it would be interesting to look at the numbers to see how the US was doing. Below have a look at the top 10 real estate markets for 2010."

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Location, Location, Location

We’ve all heard this over and over again, but what does it really mean? When you’re looking for a house in these strong markets, here are a few rules regarding location that can help.

Centrality

What part of a city you choose to live in will undoubtedly affect how much you pay for your home. Land is a finite commodity, so cities that are highly developed and are bound from large amounts of additional growth, such as San Francisco, tend to have higher prices than cities that have too much room to expand. When sprawling cities experience a population exodus, it’s the outlying areas that tend to suffer the most severs declines in property value.

Neighboring

In terms of accessibility, you should look for a neighborhood that is situated near your city's major routes and that has more than one point of entry. Commuting to and from work is a big part of many people's day, so a house with easy access will be more desirable than one that tucked away and can only be accessed by one route. A great neighborhood should also include important amenities such as grocery stores, shops and restaurants. Most people like to frequent places that are convenient - if you need to drive a great distance to get to anything, this is likely to make your house less attractive. Schools are another important amenity - even if you don't plan to have kids, if you want to sell your home, this is something many buyers will be on the lookout for. The distance from and quality of local schools both play into this.

Development

It's not just present amenities that matter, but future ones as well. Plans for schools, hospitals, public transportation or other public infrastructure can dramatically improve property values in the area. Commercial development can also improve property value. When you're shopping for a home try to find out whether any new public, commercial or residential developments are planned and consider how these additions might affect the desirability of the surrounding areas.

Lot Location

If your home is on a busy road, you will probably get it for a lower price, but it will also be more difficult to sell down the road. The same may hold true for houses that stand next to or back onto commercial property such as a grocery store or gas station, or houses on streets that get an unusual amount of parking traffic and parked cars, such as those near large churches or community centers. This is why a large number of such homes are rentals.

The House Doesn’t Matter

Your house is a depreciating asset. The lot, on the other hand, will maintain its value (or likely appreciate) relative to the house. If you bulldozed both houses, the larger lot would sell for more. So, if you can, choose a bigger, better shaped or better situated lot over a nicer houses. A less attractive house can always be updated, added on to or replaced altogether while the lot can't be changed.