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58 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA City-By-City, Top Real Estate Markets This Year For homebuyers and investors, it may be wise to shoot for long- term growth, equity, and profit. W alletHub re- cently released a rundown of the most-current state of affairs in 2020's housing market. The data provides a compre- hensive guide to help all those looking to jump into the market to make wise and informed deci- sions, be they real-estate investors or homebuyers looking for the house of their dreams, WalletHub reported. The housing market is ever- changing and high-stakes, and according to the real estate experts, this year is certainly no different. In fact, WalletHub reveals that 2020 has found the housing market in an extremely rare position. This is because mortgage rates have dropped a staggering amount, hit- ting historical lows. Such low rates are a welcome reprieve for the vast majority of Americans, many of whom are continuing to grapple with the financial strains that the current pandemic have plagued them with. As for those Americans who are not struggling as much with the financial pinch from the pan- demic, and who have some extra money to spend, now seems the perfect time to invest in a home. Of note within the report's find- ings was the fact that among this tightening of supply and increase of demand in the housing market today, home prices have been steadily on the rise throughout the pandemic (on average). As for rental rates, those are reported to still range the entire spectrum, es- pecially according to what region of the nation you are in. Advice for those perusing the market are offered some expert advice by WalletHub. The first tidbit includes the encouragement to look beyond tangible factors like square footage and style and really shoot for long-term growth, equity, and profit, as these are the things that most drive an uptick in property values. These criteria, according to WalletHub, are more relevant to residential home buy- ers versus investors. WalletHub further revealed not only what's happening on the market today, but where home buyers should look to purchase and dwell. WalletHub was able to determine the best local real- estate markets in the country by comparing 300 cities of varying sizes across 24 key indicators of housing-market attractiveness and economic strength. According to WalletHub's data, the top five best places to buy a house include Boise, ID; Seattle, WA; Frisco, TX; Nashville, TN; and Gilbert, AZ (respectively). Details about main findings are charted on WalletHub.com, along with rankings by city size. Finally, as part of the research, experts weighed in on their findings. Regions with the Most Motivated Homebuyers A new report offers cautious optimism for the housing industry. T he common refrain is that competition unleashes the best in everything. Along those lines, while low rates likely will abet a number of those in the most competitive housing markets, many housing markets are teeming with as much competition as they ever have, according to LendingTree.com. Home prices, in fact, stoked by low inventory, are budging up. Meantime, in the shadow of COVID-19, borrowing standards have been tightened by lend- ers. The upshot: borrowers who might have been approved for a loan more easily at the beginning of the year now could find them- selves in a quandary, staring at an uphill battle to secure a loan and purchase a home. Consequently, if they hope to purchase a house, it's incumbent upon those in the "Most Competitive Housing Markets" to remain in a highly competitive mode. The most competitive homebuyers are in San Jose, Raleigh, and Pittsburgh, while highly competitive homebuyers reside across the country. Although California is made up of the most metro areas in the top 11, even if they're not strong in every area, metros can top Lending Tree's list, which explains San Jose's position on the list despite its 33rd ranking in the shopping for a mortgage category. Meantime, metros in other states from North Carolina to Massachusetts also include competitive those in the "Most Competitive Housing Markets." On the other hand, areas with the least Competitive Housing Markets in the country include Memphis, Tennessee, Virginia Beach, Virginia, and Oklahoma City. Those in the Most Competitive Housing Markets in these metros tend to have lower credit scores, smaller down payments and are less likely to investigate mortgage options prior to selecting a home. In the top 11 metros with the most competitive housing markets, the average down payment's 21.4%; and 18.5% in the top 10 metro areas with the least competitive buyers. Larger down payments typically enhance the appeal of a buyers' offer to sellers, therefore, generally, more competitive buyers will pluck down more on a home. Close to 71% of those in the most competitive housing markets in the 11 metros with the most competitive housing markets have credit scores of at least 720; 63% for the 10 least competitive buyer metros. For the week ending on May 23, Zillow reported its findings on the shifts occurring in housing market data, specifically showing an uptick in buyers' and sellers' movement on the market. Pointing to the recent rise in new pending sales and new listings, Zillow's report offers cautious optimism for the housing industry. With this data revealing direct evidence that there is indeed an influx of buyers and sellers currently entering the equation, this past week's report offers some good news to celebrate amid a world current plagued with many unknowns.