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Buy or Rent? The 10 Best Cities in the U.S for Both Markets

Buy or Rent? The 10 Best Cities in the U.S for Both Markets

By Serena Norr

The great debate lives on: Should you buy or rent? Both sides of the discussion are very passionate about their stance. Renters scuff at the idea of buying due to an inability to put down a sizeable down payment or perhaps they live in an area where renting is favorable to buying a home. Buyers, on the other hand don’t understand why anyone wouldn’t want to own their own property in order to build a home for themselves or their families, as well as own a piece of real estate that may increase in value over time. This friendly debate has seen a bit of a shift with the upturn of the economy where some renters can now afford to buy due to foreclosures and financial assistance from the $8,000 tax credit for new homebuyers. Whereas, some homeowners have been forced out of their homes and can now only afford rent.

Of course, the complexity of the housing bubble isn’t so black and white. Location also plays a huge factor in an individual’s decision and ability to buy or rent. For example: in New York it is cheaper to rent than to own; whereas in Boston the market is stronger for buyers. As this paradigm continues to flip, we at relocation.com won’t be taking any sides; but we can offer a list of the best cities (area amenities, price, thriving job markets and real estate growth) for both markets. Now if we could just solve the mortgage crisis, we would all be one big happy family.

10 Best Cities for Renters

1. Columbus, Ohio: According to apartments.com, the average rental in Columbus, Ohio is $837 for a two-bedroom apartment—pretty amazing deal for the largest city in Ohio and home of Ohio State University. Real estate is also expected to pick up, but for now it is certainly a renters market.

2. Indianapolis, Indiana: As the largest city in Indiana, Indianapolis is experiencing a steady job market that is also renowned for its job market within the manufacturing industries and home of the Indianapolis 500. Residents of this Midwestern area also have access to numerous cultural attractions such as the Indiana State Museum, the NCAA Hall of Champions and the White River State Park. Renters can also look forward to affordable apartment prices with an average monthly rent of $751 for a two-bedroom apartment, according to mynewplace.com.

3. San Antonio, Texas: As the second largest city in Texas, San Antonio has cultural ties to Mexico and the U.S. where residents can see a rodeo or check out exciting cultural attractions such as the Alamo and the River Walk. The area is also home to major universities and research centers such as South Texas Medical Center. The area is also ideal for renters where months rents average $850 for a two-bedroom apartment, according to apartments.com.

4. Salt Lake City, Utah: The average two-bedroom rental in Salt Lake City, Utah is $804, according to mynewplace.com. This outdoor lover’s paradise is home to numerous ski resorts, golf courts and national parks and attractions such as The Utah Museum, the Historic Temple Square of Natural History and Great Salt Lake.

5. Austin, Texas: Dubbed the “live music capitol of the world,” music and Austin, Texas are often mentioned in the same sentence, which is evident by the numerous musical festivals (South by Southwest and Austin City Limits Music Festival) that are held here. Austin is also the corporate headquarters of Whole Food Market, Dell and recently a new office for Facebook. The city is also a biker friendly area and one that is very eco-conscious and not to mention affordable with the average two-bedroom rental at $1065, according to apartments.com.

6. Charleston, South Carolina: An exciting southern city, Charleston, South Carolina features numerous recreational amenities such as beaches, campgrounds, museums (Gibbes Museum of Art and the Charleston Museum) and an historical downtown area. The area also boosts a mild climate throughout the year to enjoy an outdoor lifestyle. What’s even better is that you get all of this for a monthly rate of $ 825 as stated by mynewplace.com.

7. Oklahoma City, Oklahoma: As the largest city in Oklahoma, Oklahoma City is renowned for its livestock industries and oil production. This western city is also home to the Ford Center to check out a basketball game or a concert, the American Banjo Museum and Oklahoma City Museum of Art. Renters will also love the price of $665 for a two-bedroom apartment, according to apartments.com.

8. Sacramento, California: Sacramento, California is known as a lively area for its recreational amenities (Sacramento Zoo, national parks, museums and marina). There is also favorable rent in this area of $934 for a two-bedroom apartment, according to mynewplace.com.

9. Tucson, Arizona: Dry, arid climates are in the norm in Tucson, Arizona where residents can enjoy outdoor adventures such as rock climbing, hiking at one of the areas numerous parks and nature reserves. New construction is also promising for renters with an average two-bedroom apartment at $723 a month, according to apartments.com.

10. Denver, Colorado: If surrounded amongst natural beauty and access to historic western attractions aren’t enough, cheap rents are sure to entice you to move to Denver, Colorado. According to mynewplace.com the average rent in the Mile High City is $978 for a two-bedroom apartment.

10 Best Cities for Homebuyers

1. Boston, Massachusetts: A vibrant college town, Boston, Massachusetts is the home of Harvard, Boston University and the Boston Conservatory of Music. The area is also experiencing a strong housing market with a 2.17 percent increase in home sales and an average single family home priced at $359,900, according to ziprealty.com.

2. Atlanta Georgia: Dubbed the Sun Belt for its hot temperatures, Atlanta, Georgia is the headquarters of CNN, the Coca-Cola Company and Delta. Not just a mecca for big business, this area is a hot market for homebuyers with the average single family home costing $146,500, according to zillow.com.

3. Baltimore, Maryland: Centrally located in Maryland, Baltimore is a vibrant seaport city situated along the Patapsco River. The area also has a downtown commercial district and nine surrounding neighborhoods for your pick of a suburban or city environment. According to ziprealty.com, the average home is $194,000 whose area is experiencing a steady increase since January 2010.

4. Minneapolis, Minnesota: The average single-family home in Minneapolis, Minnesota aka the Twin Cities is $184,000 , according to zillow.com along with a 2.33 percent sales increase in March, 2010 that makes this area favorable for buyers. In addition to affordable homes, the job market is seeing a slight increase, along with area amenities such as the Minneapolis Sculpture Garden at the Walker Art Center, recreational parks and parks and historical tours that makes for an ideal (and affordable) location.

5. Washington, D.C.: As the nation’s capitol there is never short of something to do in while living in Washington, D.C. Exploring the White House, Arlington National Cemetery and the Smithsonian Museum are just some of the many area attractions residents can take advantage of. This area also has a combination of modern and historic neighborhoods that is favorable for buyers with homes averaging $330,000 and increasing in sales of 2.36 percent in March, 2010, according to ziprealty.com.

6. Sacramento, California: Famous for the home of the gold rush in the 18th century, Sacramento is now a thriving city situated along the Sacramento River. The area is also the state capitol of California that is a hub for parks, modern museums and music (Crocker Art Museum and the Sacramento Philharmonic Orchestra), theatre (Sacramento Theatre Company) and colleges (Sacramento State). Buyers can also look forward to affordable housing prices with homes averaging $239,900, according to ziprealty.com.

7. Charlotte, North Carolina: Known as the “Queen City,” residents of Charlotte, North Carolina have access to numerous artistic and cultural attractions such as the NC Blumenthal Performing Arts Center, the Discovery Place: a hands-on science museum, a vibrant financial center located in downtown Charlotte and historic neighborhoods. On top of all that buyers can score a major deal with the average price of home at $148,900, according to zillow.com.

8. Dallas, Texas: With a motto like: “Live Large, Think Big,” Dallas surely lives up its credo with its diverse culture, modern restaurants and access to one of the largest arts districts in the U.S (the Dallas Symphony Orchestra, Dallas City Arts Festival, and Shakespeare Festival of Dallas are just a few of the many cultural offerings.). This vibrant city is also very affordable with the average home at $189,750 and a steady increase in sales at 2.57 percent, according to ziprealty.com.

9. Jacksonville, Florida: The largest city in Florida, Jacksonville is sure to please sun worshippers but will also be favorable to individuals who seek a diverse area whose job market is steadily rising. Jacksonville is also home to the largest park system in the country, according to coj.net, along with beaches and a vibrant downtown area. Home buyers will also love this area for its affordable home prices. In March, 2010, the average home in Jacksonville was $165,000, according to ziprealty.com.

10. Las Vegas, Nevada: Hit pretty hard by the housing market, real estate in Las Vegas is starting to see signs of growth with a 1.19 percent increase in home sales in March 2010, as opposed to the -4.95 percent loss in December 2008. This dessert city is sure to be exciting for residents (and not just cause of the Vegas Strip), but an area that features natural beauty, an arid climate and established neighborhoods whose homes feature modern amenities and access to great schools. Houses typically range from $169,900 and new construction is promising for this dessert city.

Resources:

•    MyNewPlace.com
•    Apartments.com
•    Ziprealty.com
•    Zillow.com
•    AOL’s Best Cities for Renting
•    Ten Cities for Real Estate Steals

City Pages:
•    Columbus, Ohio
•    Indianapolis, Indiana
•    San Antonio, Texas
•    Salt Lake City, Utah
•    Austin, Texas
•    Charleston, South Carolina
•    Oklahoma City, Oklahoma
•    Sacramento, California
•    Tucson, Arizona
•    Denver, Colorado
•    Boston, Massachusetts
•    Charlotte, North Carolina
•    Dallas, Texas
•    Jacksonville, Florida
•    Las Vegas, Nevada

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Relocation.com’s Best Real Estate Blogs in Los Angeles

The Picturesque California Sunset

The Picturesque California Sunset

By Serena Norr

As the second largest city in the United States, and the largest city in California, Los Angeles is renowned as a hub for glamour and entertainment, amazing weather, fine dining, attractions and breathtaking beaches.

This “City of Angels” is also home to some of the most immaculate real estate properties in the world with seaside residences, homes situated in the mountains, über modern architectural wonders and green design concepts. Although these housing options are plentiful, the area was hit pretty hard by the declining housing market, causing market price to plummet and foreclosures throughout the city. However, this area is now starting to see signs of growth with the rebound of home sales. Forbes magazine even named Los Angeles one of the top 10 metro areas in the U.S that is easing from the recession. Good prospects are up ahead and relocation.com is very excited to cover these Los Angeles bloggers who are on the pulse of what’s happening in this (once again) burgeoning real estate market.

As part of the popular Curbed network, the Curbed LA edition covers anything and everything real estate throughout all of the neighborhoods in the City of Lights. This up to the minute blog is certainly on the beat of what is going on in the market through their informative, but fun articles. The site also features breaking real estate news and deals, developments in architecture, home improvement and design concepts and real estates listings, accompanied by gorgeous pictures.You can also find restaurant reviews and everything about LA fashion on its sister sites-Eater LA and Racked LA for the complete LA experience.

Covering the Westside of Los Angeles and Downtown, the Los Angeles Real Estate Blog features the point of view of real estate broker-Keller Williams and his first hand insight of this residential real estate market. Since the blog covers Downtown, most of the listings feature apartments, condos and coops, along with location information (restaurants, area amenities, etc) room features, floor plans, pictures and even YouTube videos that give users an interactive tour. The site also provides informational articles such as green living, analysis of home growth in certain areas and parking in LA with a dead meter.

Crafted by the Valerie Fitzgerald Group, Los Angeles Real Estate Talk covers the market in Beverly Hills, Bel Air, Brentwood, Malibu, Santa Monica and the Westside of Los Angeles. This luxury real estate blog showcases the latest buying and selling trends and listings, as well an a great resource for informational articles about home inspections, construction sites, loans, mortgage rules and tax credits. Buyers and sellers should be sure to check out the blogs resource page, where they can check out a payment calculator, moving checklist, budget calculator, closing costs, and understanding investment, among many other informational (and free!) resources.

The Malibu Real Estate Blog gives users the “low down” on high end real estate from techy/real estate agent, Michael Gardner. Auctions, listings and pictures, sales and real estate developments throughout Malibu are all covered on the site through Gardner’s straightforward tone. He even lists his cell phone number, so that users can call or text him directly with their listing information or any questions.

A Manhattan Beach real estate blog, the Manhattan Beach Confidential lists properties on the market and compares current asking prices to its previous sales, which gives buyers a comprehensive analysis on property values and real estate trends. The reviews also include open house times, location information and a straightforward review of a homes appearance. Recent posting such as: “First, there’s that exterior, with its hard-on-the-eyes adornments. It just doesn’t work” are just some of the brutally honest remarks regularly found on MBC.

Blogger/real estate broker, Irina Netchaev breaks down the real estate market in Pasadena through her site, Pasadena Views. This informational resource covers architecture, home sales, real estate market reports, as well as information about loans and mortgages. Home owners can also list their homes here, or buyers can search through the up-to-date free listing section. The site also features foreclosures, market statistics and profiles on Pasadena’s neighborhoods such as average home price and amount of time a place is listed on the market. The site also has a personal touch with Irina’s real-life stories of the buying/selling market, advice and insider secrets.

Covering Bel Air, Beverly Hills, Brentwood, Los Angeles, Malibu, the Pacific Palisades, Santa Monica and Westwood, the Los Angeles Real Estate Voice provides a neighborhood-by-neighborhood breakdown of real estate listing and housing news. The blog also features these areas through their own profile pages, as well as through lifestyle articles covering local restaurants, where the best schools are and an interactive video section where experts give their opinions on real estate in these markets.

Looks like brighter days are coming for Los Angeles, as the market is showing signs of some real change. Check out some of these blogs to stay up-to-date on current trends, real estate listings and industry news as they happen—we know we will!

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Relocation.com Announces the Best Real Estate Blogs in San Diego

California’s second largest city and the United States’ eighth largest, San Diego is renowned for its idyllic climate, 70 miles of pristine beaches and dazzling array of world-class family attractions. No wonder moving companies are doing such a great business in the area.

San Diego County encompasses 18 incorporated cities and many neighborhoods and communities, including downtown’s historic Gaslamp Quarter, Little Italy, Coronado, La Jolla, Del Mar, Carlsbad, Escondido, La Mesa, Hillcrest, Barrio Logan and Chula Vista.

The city’s real estate market was hard hit during the past couple of years by the recession, but it is bouncing back. Home values rose in February of this year compared with February 2009, according to real estate professionals.

We thought this good news afforded the lovely city of San Diego a best real estate blogs post.

As with the other real estate posts that have gone up here during the past several weeks, the San Diego blogs can help a stranger learn about the city. Whether a user is thinking about moving or is just curious and looking around, the featured blogs offer opportunities to explore neighborhoods, taxes, mortgages and even prices of staples like utilities.

These blogs even help users find the best restaurants, doctors and dentists in the area, so if someone is planning on moving to the city, they can hit the ground running.

BubbleInfo.com, run by Jim Klinge, has more than real estate listings for San Diego and the surrounding areas. You can find San Diego crime data and school information by neighborhood, as well as a short list of recommended service providers, which include everything from insurance agents to piano tuners to home contractors.

Klinge also has a video library that puts the user on the ground in San Diego with virtual tours of properties and luxury REOs in foreclosure, as well as tips and tricks for getting the most out of the real estate market.

The San Diego Home blog is run by Kris and Steve Berg, owners of San Diego Castles Realty. For more than a decade, they have helped literally hundreds of families purchase property, and sell homes and investment properties throughout San Diego County.

The site’s listings feed allows users to view the latest 25 properties that have come on the market in each neighborhood they cover. It’s a great way to take a virtual tour and see what is available in the city.

Peter Toner’s San Diego Real Estate blog features some great articles on home buying, the state of SD’s real estate market and tax credits, as well as fantastic tips for home sellers and renters.

San Diego Real Estate Market blog has a very healthy listings page, with hundreds of San Diego rentals and homes for purchase. The blog also offers visitors a real connection to the city through event pages that list large and small happenings in and around San Diego.

Users that are interested in the social scene will delight in SD Urban, which covers the city’s urban neighborhoods and features art, architecture, dining and community events. It’s authored by Paul Jamason, and really puts the user on the ground so they can see what is happening right now. A lively comments section and diverse blog roll add to the feeling that you are already part of the community.

Voice of San Diego.org/Housing has a great home page with tons of SD housing news. The site is run by voiceofsandiego.org, a nonprofit news organization that focuses on in-depth and investigative reporting. They cover the issues that are crucial to the region’s quality of life: its politics, educational system, environment, housing, economy and more.

You can find really good reporting on this blog, and get an unbiased view of exactly where the real estate market stands in San Diego. Once you get your fill of housing, browse through the rest of the tabs and see what else is happening in this great surfer city.

Related Articles:
The Best Real Estate Blogs in San Francisco
The Best Real Estate Blogs in Minneapolis/St. Paul
The Best Chicago Real Estate Blogs

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HOA: What is it?

While co-ops and condos have maintaince fees, houses located in housing developments have homeowners’ association fees. These could be either new homes, or exsisting ones.

The Homeowners’ Association collects the fees, as they are the legal entities created to maintain common areas and enforce deed restrictions. Shortly after you move in, you will receive the Covenants, Conditions & Restrictions (CC&R’s) which should clearly state what needs to be adhered to in order to maintain the quality and value of the properties located within the community.

Restrictions can include parking on street (including your moving truck on moving day), landscaping approval or types of plants allowed, fence restrictions, pool restrictions, erection of basketball hoops or tree houses, storage of boats and RVs, number of pets and age requirements of residents.

If you are looking to buy a home in a community with a HOA, you should request a copy of the CC&R’s; ask about any CC&R’s recorded against the home; find out what the current dues are; find out how often the dues have been raised during the history of the HOA; and determine if there are term limits for the Board, and if Board members have attended training sessions in efficient HOA management.

Related links:
8 Mistakes When Planning a Move
5 Easy Steps When Organizing a Garage Sale
Moving Day: A Checklist of What To Do

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Co-op or Condo: Which is Right For You?

Shopping for your first apartment is such and exciting time. In addition to choosing which neighborhood to move to and seeing all that is out on the market, you are invariably confronted with the question: should you go for a condo or a co-op?

The first thing you’ll notice is that condos usually cost more. That’s because buying a condo is more like buying a house. Buyers own their deeds and pay taxes. The good news is the percentage down-payment requirements are smaller and you can sublet condos more readily than co-ops.

Co-op is short for “cooperative housing project,” and you technically don’t own your apartment, as you do with a condominium. Instead, you own shares of the co-op corporation that owns your building. The larger the living unit, the more shares you own in that corporation.

While you’ll pay less money for a co-op you need to keep in mind the board, run by other shareholders, will have a bigger say in almost every facet of living.

As thus, everything that happens in a co-op must be approved. From purchase, when the board checks personal background and finance information, as well as comprehensive employment history and background checks; to any renovation that goes on in the apartment; to subleasing, which in many cases, is not allowed at all. Moreover, co-ops require larger down payments than condos, and those all-encompassing maintenance fees are higher than in condos, although they are tax-deductible.

Finally, selling a co-op can be little harder than selling a condo. Some boards assess a “flip tax” if you resell within a set period, such as one to three years.

So, depending on your financial status, how much money you have for a down payment and how much you want to be part of a group, you can decide for yourself whether you wish to go condo or co-op.