It’s a confusing time to run or work in a real estate business, so it’s even more important that you and/or your team know how to work through these changes. But what hasn’t changed is the importance of location. If you’re looking to start a real estate team, consider relocation and check where the market fundamentals look strongest. At the moment, the Northeast is showing promise.
The Northeast’s single-family construction is rising
A recent survey of housing starts by the U.S. Census Bureau found that, of the United States’ four major regions, the Northeast is experiencing the most new single-family construction. While inventory has been one of the most pressing ongoing challenges to the real estate market, with mortgage rates coming down and the Fed lowering interest rates, there might soon be increased demand from buyers for new homes. When that happens, the Northeast could be the region most flowing with supply.
Some states are seeing home price refugees from Massachusetts and New York
Massachusetts is the heart of New England, and because of that, it’s also one of the most expensive states to live in. To escape the high cost of living found in the Bay State (and in the neighboring Tri-State area), some residents have moved to neighboring states with greater affordability, such as Maine and Vermont. RISMedia recently spoke with real estate professionals who’ve had success chasing these buyers with the spread of domestic migration.
You can’t beat the heat—literally
Southern states like Florida and Texas have been a recent boom site for real estate, so it might be tempting to look to these areas and get in on the action. But there’s a crisis boiling in these states, particularly Florida, which is seeing skyrocketing home insurance costs due to escalating climate disasters and global warming. With the state surrounded on both sides by (soon-to-rise) water, its time as a (market) hot spot may be limited.
