The nation’s real estate market is slowly recovering after the long haul, and 2013 is said to be the year for a turn around. According to the Seattle Pi, San Francisco is predictably the top city, but shortly behind with a secondary market is our very own Seattle. Investors are leaning towards Real Estate because despite the slow recovery they are still able to profit.
The Emerging Trends in Real Estate Report by the Urban Land Institute indicated that San Francisco landed the # 1 spot due to tech, trade, and quality of life in the city along with neighbor San Jose which ranked 3rd on the list. Seattle, along with Houston, was highly ranked because of the growing number of “echo boomers” or those 25-34 year olds. This group has increased by 20% in Seattle, and reflect the future homeowners in the area. Right now the statistics show that this group is currently willing to rent smaller apartments for higher prices as long as they have enticing amenities and close proximity to public transportation. When will the echo boomers make the transition to buyers? Predictably 2013. For more information on the Emerging Trends report, visit the Urban Land Institute.