Choosing the location of your family home is one of the most important decisions of your life, and while it’s important to take into account considerations such as local school rankings, crime statistics and opportunities employment in the region, another element must be taken into account. how likely the property is to sell and which areas have seen the most off-market real estate transactions
Off-market real estate refers to properties that are not actively marketed or sold through traditional real estate agents and has become an increasingly popular trend, especially in larger cities or desirable neighborhoods. This is due to the discreet nature of the sale, which can be useful for high-profile individuals or families facing financial and personal problems, or simply if the owner does not wish to deal with multiple bidders. In the majority of cases, off-market sales benefit both the buyer and the seller: owners can save on substantial estate fees and deal with only one interested party, while buyers can negotiate a price without the influence of multiple bidders or without having to negotiate. the opportunity to buy their dream home rather than waiting for it to come on the market.
To discover the best big cities for this, as well as hidden gems across the country, Spokeo The research examines the main factors of buying a home and the likelihood of selling.
The research analyzed more than 12 million properties, taking into account house prices and the average loan-to-value ratio (a financial ratio that compares the mortgage to the market price of the asset purchased) and the proprietary score of probability of sale (developed by AI and machine learning). to determine the likelihood that a property will sell in the next 90 days), as well as population density (assuming that increases are a measure of location desirability), neighborhood safety , school grades and professional situation.
Main findings
- Atlanta, Georgia, had the highest ranking of all major cities analyzed in terms of likelihood of property sales.
- Phoenix, Arizona’s capital, comes in second among the places most likely to sell.
- Charlotte, North Carolina, tops the index for best cities to live in, thanks in part to reasonable housing costs ($588,189) and a relatively safe crime ranking.
- California was the state with the most cities among the best places to live, with nine of its cities appearing in the top 50.
- Texas was the state that saw the second most cities appear in the rankings, with two of them in the top ten – Fort Worth in 6th and Houston in 9th.
Best Large Cities for Off-Market Real Estate Properties
To understand the best major cities for off-market real estate properties, the research analyzed a series of different variables, including population density (assuming that increases are a measure of the desirability of a location). , neighborhood safety, school grades and employment status, and loan-to-value rates.
Spokeo worked alongside Leadpipes AI to produce the ranking, using its sales propensity score to collate the results. This approach uses machine learning and artificial intelligence to assign every property in the country a number, correlating with its propensity to sell in the next 90 days.
The research found that Atlanta, Georgia had the highest ranking of all major cities analyzed in terms of likelihood of property sales. The Peach State capital had one of the lowest average unemployment rates of all cities analyzed and a particularly low crime rate for its population.
Phoenix, the capital of Arizona, comes in second with an average sales probability of 574.75 out of 1,000. With warmer than average temperatures and reasonable real estate prices (the average cost of real estate is $685,995), it is not surprising that it is considered an attractive destination. choice for owners. Although Las Vegas is not known for its residential areas, 628,970 Americans call Sin City home, and with an above-average probability of sale (574.06), properties here could be a lucrative investment for real estate investors or those who are looking to sell their property quickly. House.
The best major cities for off-market real estate properties, based on sales probability analysis, are:
Best Big Cities for Off-Market Properties
The average probability of sale was calculated using all properties in each area in the Spokeo database: the closer the score is to the highest rating of 1,000, the greater the probability that the property will sell within the next 90 days is high.
Best Undiscovered Cities for Off-Market Real Estate Properties
Although big cities still see a lot of interest in real estate, particularly from commuters who are often willing to move out of market to secure a home in desirable areas, the study sought to discover the best undiscovered cities for a booming real estate sector. In addition to looking at averages for probability of selling, the undiscovered city rankings were weighted by the number of employed adults in the area, loan-to-value ratios, crime and health care rankings, as well as average housing prices.
Charlotte, North Carolina, home of the NASCAR Hall of Fame and the Carolina Panthers, tops the best city to live index. With reasonable housing costs and a relatively high crime rating (of which 10 is the safest average), Charlotte also scored well on school assessments, making it a popular choice for families. Although Charlotte tops the Best Place to Live Index, it is one of only two North Carolina cities to make the list, with Raleigh being the only other place in the Tar Heel State.
The full list of best undiscovered cities for off-market real estate properties, based on the index, is:
Where to Find the Best Undiscovered Off-Market Properties
Unsurprisingly, California was the state with the most cities in the ranking. Long Beach was the only city in the Golden State to make the top ten, which is mainly due to having the safest possible crime rankings.
With more than half a million residents and its proximity to downtown Los Angeles, this resort town is a great choice for homeowners looking for the best of both worlds. Other California cities ranked among the top 50 best places to live include Oakland (25th), San Diego (29th), Sacramento (38th), Fresno (39th), Bakersfield (43rd), San Jose (46th), Los Angeles (47th ). and San Francisco (48th).
Texas was the state that saw the second most cities appear in the rankings, with two of them in the top ten – Fort Worth in 6th and Houston in 9th. The second largest state by area and population, its residents enjoy affordable housing, low taxes, and a warm climate.
Fort Worth had the highest loan-to-value average, meaning a more lucrative ratio between what you borrow as a mortgage and the amount you pay as a deposit. This, combined with a heavily employed population, makes it the best place to look for off-market real estate in the Lone Star State. Other cities that made the rankings include Austin (14th), Dallas (19th), San Antonio (40th) and El Paso (42nd).
Best known for the Grand Canyon, Arizona was home to three of the cities ranked among the 50 best places to live, according to our research. Phoenix, which came in second in the Big City Sales Likelihood Index and Undiscovered Cities Ranking, our research shows it is potentially one of the most lucrative cities for real estate . Other cities that made the rankings are Mesa, the state’s third-largest city, and Tucson, home to the University of Arizona.
Florida may be the most visited state in the United States, but how does it compare to other states when it comes to real estate? Interestingly, only three of the Sunshine State’s cities make the rankings, with only one (Jacksonville) making the top twenty, at 16th place. Boasting the largest urban park system in the country, this, combined with Jacksonville’s rich history, makes it an excellent choice for those looking to benefit from outdoor space in an urban environment. Other major Florida cities that made the rankings include Tampa (22nd) and Miami (31st).
Methodology and sources
Spokeo worked alongside Leadpipes AI to produce the ranking, using its sales propensity score to collate the results. This approach uses machine learning and artificial intelligence to assign every property in the country a number, correlating with its propensity to sell in the next 90 days. The average probability of sale was calculated using all properties in each area in the Spokeo database: the closer the score is to the highest rating of 1,000, the greater the probability that the property will sell within the next 90 days is high.
The research analyzed 12,132,366 properties, taking into account house prices and the average loan-to-value ratio of properties in each area, as well as employment rates, school and healthcare scores, crime and the sales probability ratio, which takes into account population density and neighborhood safety. In addition to the Spokeo database, other data sources include Zillow and the United States Census Bureau.
This story was produced by Spokesperson and edited and distributed by Stacker Media.
© Stacker Media, LLC.
This story was originally published May 30, 2024, 9:00 a.m.
