Post-COVID migration patterns show where the money is to be made.
In early March, mortgage rates experienced a slight dip due to the stress on the banking system caused by bank failures. Although there is less overall competition, high-quality homes available on the market are usually snapped up within a week.
Although national home prices were higher at the beginning of this year than last year, they have been on the decline for the past seven months, according to S&P Case-Shiller. The latest reading for January showed that prices have dropped in some of the hottest local markets, such as Seattle and San Francisco. The shift was inevitable, seeing that recent headlines have been focusing on the migration out of major tech cities.
Phoenix’s prices are now stagnant, similar to Austin and Las Vegas. However, other markets, particularly in the South, like Atlanta and Tampa, are still experiencing significant price hikes and real estate activity. The South and the East U.S. is where many investors are taking their money. Niche cities like Durham, NC and San Antonio, TX, are quickly gaining recognition.
