Zillow.com ranks Utica number one city in the U.S. for affordable homes
Story Created:
Jan 26, 2011 at 6:34 PM EDT
Story Updated:
Jan 26, 2011 at 6:44 PM EDT
UTICA, N.Y. (WKTV) - Real Estate website Zillow.com recently ranked Utica as the number one city where you can get the most for your money, when to comes to buying a house.
Across the nation, home values have dropped since the market peaked five years ago. But for homes with a Utica address, the year-to-year home price is up 4.7 % from 2009 to 2010 .
That's just one of the reasons Zillow picked Utica as the best place to find a bargain on a home. Other factors include affordability, price increases, unemployment and the rate of foreclosures.
While the foreclosure rate recently rose in Utica, it is still much lower than other cities across the country. Local real estate agents call the market steady, and they weren't surprised to see Utica at the top of the list of affordable homes that offer great value.
Bonnie Tuttle is an Associate Broker at Royal Rose Realty, and she says her office uses the Zillow site.
"There are an awful lot of good buys out there," Tuttle said. "Our volume for the whole area that we've sold is over a $181 million, so we do do a lot of transactions here. Days on the market, I would image is below the national average too. In 2009, the average number of days on the market was 111. That has decreased to less than 90 in 2010."
Websites like Zillow crunch numbers to get their values and they can't always accurately reflect what a home is like inside. For that, you have to go from cyber-space to the front door of your favorite real estate agent.
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