New year, new home?
Best places to buy real estate in 2013
- Duration 5:35
- Date Dec 26, 2012
Best places to buy real estate in 2013
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All right well with interest rates hitting new -- -- it may be the best time to buy -- new home and good -- here with the best places to look.
Its executive vice president of Ulster properties Brian Lewis Brian thanks for coming in this morning and it's -- -- good morning direct all right so it real estate is actually become a bright spot.
In our economy for 2013 it's a thing that brought us down that's right and they say it's a thing is gonna get us out of it and how much I'm a real optimist -- -- why not why do you think it's going to be so good.
Do you remember the interest rate your parents were paying in the eighties there were an ideal -- eighteen to 16%.
Can we talk 3% can we talk lower than that.
And that's incredible so -- on sale.
This had a great opportunity -- have access to the credit.
And we're seeing a trend.
Unemployment is going down job growth is going up and certain communities and -- highlighted this year.
Are my top picks a 2013 let's start with number one here and we are talking oldest snow fall down there just yesterday here on issues Charlottesville Virginia and out of Virginia so for the -- yeah.
I don't know I'm and I loved Charlottesville -- I think I think Ross sounds awesome places tell us what tell us what's -- -- well right now we're seeing is their unemployment rate is actually lower than its outperform in the country.
Four and a half percent unemployment rate in October 2012.
Now the Bible verses read breakdown guys what I did here is I figured out by way of zillow dot com they have some great information on there.
I figured out exactly how long you have to -- For it to make cents after putting out all those closing costs and all the things that that you go into a purchase how long would you have to hold that property.
For its outperform what it would have cost you to rent the property of what's called the Bible verses ran.
Ratio and its load there and and Charles -- -- up a pal of mine on -- -- -- listing this terrific six bedroom.
Now in Charlottesville you've got a lot of inventory that's lower than a 100000.
And then you've got some great stuff well above a million dollars is like the Napa valley of the East Coast that he's really gorgeous array Olympia Washington -- to the West Coast so we're not just -- strike call Ali.
And it's on the south Puget Sound area another area where unemployment six point 9% but it's down.
From seven and seven point seven so we're trending down.
The by vs -- breaking into point nine strong resale market and the whole -- picked up there's actually been sitting on the market for awhile and it's surprising.
Because it's got a lot of good stuff going on it's got a big big.
Driveway it has a detached garage it's perfect for a shop work.
Are something like that it's got it's got some nice qualities to it.
So I think there's real opportunity there's there's while -- -- -- the middle a country where I'm from Minnesota but we're gonna go to Madison Wisconsin Madison lake city I think they -- Madison.
Think the that one of the older breweries is from there would be beer festival Madison another 14 point one reason not to lie in Madison professor -- Olympia has a great place they've they brewed beer they're from 1896 to 2003.
Now we ended up being outcome -- So but you've got a lot of good stuff in Madison -- well and shooting -- interestingly enough a college town.
Olympia college town Charlottesville certainly a college town.
And my fourth and also a college town -- college -- team there's a theme here.
We'll think about it you've got a lot of transients in a college town you've got a new turn over every three to four years also with professors.
And we've got three of these four.
-- also capital cities Olympia Mattison in Boston.
Boston Cambridge Quincy New Hampshire area six point 1% unemployment.
Nothing to brag about when you see that it's trending downward.
That's a good thing right and the -- -- -- was a negative six point 3% exactly.
And that's -- that's -- so -- there there's there's -- amendments were to stop -- and I think Rick did you have something in Boston I did have some -- -- in Cambridge actually secure area sold it yet yet unfortunately alive and well you're you are saying though that there's fewer distressed sales this year -- things like foreclosures and short sales that was a big concern that the markets that can't wave and we never I mean knock on -- we haven't seen that we heard about it we heard about this.
I talked about it on Fox Business -- show -- show we heard about the second wave coming in and talking about it I mean goodness for 56 years.
Think it is we haven't seen it so what we're seeing right now guys is if you have access to the credit.
You've got great opportunity there's inventory to sop up what it's tighter than it's been in ten years I sell here in new York and that was my number one -- -- -- -- I live here and that's how I make money.
But there -- other parts of this country to -- that opportunity is knocking.
For a long time it was difficult for people to get credit writes -- credit -- to really cheap but isn't low loosen up a little bit a bit easier for people to get it.
If you've got a good job.
If you have a good credit score.
Then you have access to the credit and as we see unemployment.
You're gonna have more people able to buy that house and able to get to that credit in an already tight market.
Tighter market so I think now if you can jump on these great interest rates and go yeah this is your opportunity.
Right here could you get a more competition soon.
As the economy -- and as the unemployment rate goes down we just don't have the inventory and there's been a dearth of of construction for the past few writers because people have been afraid.
So great -- bring it on -- thirteen and we we covered the whole country.
Oh thanks so much practiced my pleasure happy to hear.