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Homebuyers branch out during search for affordable real estate

Posted on Monday, January 26, 2015 at 9:10:21 AM

The city is a desirable place to live. However, it is also one of the most expensive areas to live in, and as a result many homebuyers are broadening their horizons as they search for the perfect piece of real estate.

According to a report from Redfin, this has increased the popularity of a number of neighborhoods across the country. For example, the most-searched area on Redfin was El Cerrito, in San Diego, followed by Dickinson Narrows in Philadelphia. 

"Many homebuyers have recoiled from the dramatic increase in house prices in urban centers posted over the past three years," explained Redfin chief economist Nela Richardson. "They are now searching for more affordable places farther out. Expect the neighborhoods on this list to see high demand in 2015 as rock bottom mortgage rates and a more lenient mortgage lending environment help make homeownership in expensive cities less costly."

When it comes to investing in real estate, many buyers are looking for these types of neighborhoods, but with a little bit extra. According to RealtyTrac, many affordable properties can be found in ski towns, upping the desirability of the home. Some of the best places to shop are in Utah, Washington, Colorado and Montana.

If you are looking for a new home, make sure you secure low residential financing rates ahead of time.