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Craig Hatkoff, Chief Strategy Officer and President of LEX, discusses his business, which allows investors to own commercial real estate.
The housing market is heating up in the towns of Sun Belt.
Austin is expected to be the nation’s hottest housing market in 2021, joining a slew of cities like Nashville, Tampa and Denver that are expected to experience spikes in home value growth, a new Zillow real estate market report suggests.
Up to 84% of economists, investment strategists and real estate experts surveyed by Zillow about the U.S. real estate market in 20 of the nation’s largest markets said home values in Austin would exceed the national average. Additionally, the number of page views of listings for sale from Zillow in Austin by out-of-town researchers increased 87% in November 2020 compared to a year earlier in pre-pandemic days.
Austin is expected to be the hottest housing market of the year in the country, a new report suggests. (iStock)
Phoenix came in second, 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, are taking advantage of low mortgage rates in Sun Belt towns, especially during the pandemic when work is far away and the weather is perfect for living in style. outdoor living.
“The pandemic has not upended the housing market as much as the accelerating trends we have seen coming in 2020,” Zillow senior economist Jeff Tucker said in a statement.
“These Sun Belt destinations attract migration with relatively affordable family-sized homes, booming economies and sunny weather. Record mortgage rates and increased demand for living space, coupled with a wave of millennials buying their first homes, will keep house prices under pressure in this country for the foreseeable future.
THE CONSTRUCTION OF RENTAL HOUSES IS INCREASING AS THE CHILD PURCHASE PRICES
The median list price of homes in the Austin area was up 23.6% year-over-year, the biggest increase among the top 50 U.S. markets, according to Zillow.
“During the pandemic, I think a lot of people spending a lot of their wages on rent or mortgages in cities like New York City and San Francisco started working from home and suddenly had options. Their dollar goes a lot further down South, the weather is better and Austin has a lot to offer – from the food scene to the outdoors and live music, ”said Thomas Brown, a senior agent for Zillow in Austin and CEO of the Agency. Texas. “These factors will continue to attract people to the Austin market in 2021.”
HOUSE PRICES HAVE THE GREATEST IN OVER 6 YEARS
Meanwhile, home values in coastal cities are expected to be below the national average, with 82% of economists and investors surveyed saying New York, in particular, will experience disappointing growth in 2021; 77% say San Francisco and 67% designate Los Angeles.
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