Relocating due to new job?

How to make a good decision about buying a home in a new area...

With the current economic situation , many home buyers have emerged as well as people relocating for new jobs. Finding the right home which also has the best chance of holding or increasing it's value can be challenging. There has been some study about areas where homes retain their values best in tough times and what factors they have in common.

For example, working with Realtors who are experienced and knowledgeable about an area can help with a good decision. Living closer to an urban area (i.e. where the jobs are) can increase the value of a home. Long commutes with high gas bills not only take their toll on homeowners but studies have found that prices have depreciated almost double compared to areas located closer to where the jobs are located.

Towns where zoning regulations make it more difficult to build have experienced smaller price declines than towns that experienced huge building booms in recent times. "Prices are more likely to go higher if you can't expand supply," says Danie McCue, research analyst the Harvard University Joint Center for Housing Studies. Towns nestled against barriers such as large lakes or protected wetlands also usually limit expansion.

Buyers can call towns or county planning offices and ask how many acres of vacant land are in town, how much of it is zoned for residences and the maximum number of homes that can be built. Requesting a copy of the town's master plan also should tell buyers how much the housing stock is set to expand in the next 10 years.

Homes in towns with stores, banks, and movie theaters are more likely to hold value than those that are nearly all residential, as people like to live near these services and jobs and provide the town a stronger tax base to fund public service items.

My 2 cents - Do your homework and find a realtor you can trust!