LEX strategic officer and chairman Craig Hatkoff discusses his venture that allows investors to own pieces of commercial real estate.
The housing market is rising in Sun Belt cities.
Austin is expected to be the country’s hottest housing market in 2021, joining a number of cities such as Nashville, Tampa and Denver that are likely to see growth in household values, according to a new report from real estate market Zillow.
As many as 84% of economists, investment strategists and real estate experts surveyed by Zillow about the U.S. housing market in 20 of the country’s largest markets said that Austin’s household value will be better than the national average. In addition, page views on Zillow deals in Austin by out-of-town seekers rose 87% in November 2020, compared to a year earlier in the days of the pre-pandemic.
Austin is expected to be the country’s hottest housing market of the year, according to a new report. (iStock)
Phoenix came second, with 69% saying its value would exceed the national average, followed by Nashville with 67%, Tampa with 60% and Denver with 56%. Economists and investors surveyed found that young Americans, especially millennials, take advantage of low mortgage rates in the Sun Belt cities, especially during the pandemic when jobs are not very good and the weather is ideal for living outdoors.
“The pandemic has not increased the housing market as much as the accelerating trends we would see in 2020,” Zillow senior economist Jeff Tucker said in a statement.
‘These Sun Belt destinations are migration magnets thanks to relatively affordable family-size homes, booming economies and sunny weather. Record low mortgage rates and the increased demand for housing, coupled with a surge in millennials buying their first homes, will keep house prices there under pressure for the foreseeable future. ”
RENTAL CONSTRUCTION OF HOUSEHOUSES AS PURCHASE PRICES RISE
The average list price for homes in the Austin area is 23.6% higher than a year-on-year year, according to Zillow, the largest increase among the 50 largest U.S. markets.
‘During the pandemic, I think a lot of people started working a large portion of their salary on rent or mortgage in cities like New York and San Francisco and suddenly had options. Their dollar goes much further in the South, the climate is better, and Austin has a lot to offer – from the food scene to outdoor activities and live music, ” said Thomas Brown, Austin’s premier agent and CEO of The Agency, The Agency. . Texas. “These factors will continue to attract people to the Austin market in 2021.”
HOME PRICES RISE MOST IN MORE THAN 6 YEARS
Meanwhile, home value for coastal cities will be less than the national average, while 82% of economists and investors surveyed said New York would see overwhelming growth, especially in 2021; 77% say San Francisco, and 67% say Los Angeles.