The housing and real estate market around America has been quite bumpy due to the pandemic and rising inflation. Most predictions and forecasting works have gone for a toss, hugely impacting real estate businesses and landlords. But there are some stable housing markets around the country which you can invest in to grow your venture.
According to CNBC news reports, mortgage rates and their constant fluctuation has a major role to play in this volatile and unstable housing market. The rates are nearly double now than they were a year back. But they change every week, making people dicy about real estate investments. FreddieMac survey reports say the present rate is 4.99 % for a thirty-year mortgage.
So, which areas should you invest in for better growth? Read this article to find out every detail about the present stable housing markets across America and plan your strategy and leadership accordingly.
Which markets should housing real estate businesses invest in?
Are you looking for stable housing markets amid the turmoil with mortgages, low property inventory and rising inflation levels? Here is a quick view of the markets for you to understand better.
Utah
2022 Economy ranking: 6
Home price appreciation: 27.1 %
Housing starts per 1,000 people: 12.2
Foreclosure rate: 1 in 2063 houses
Underwater mortgages: 1.4 %
The housing real estate market in Utah is booming at the moment. The number of new constructions is one of the highest in this area, and the inventory is running high. Its economic condition is also on the higher side, making it a very stable housing market at the moment. Its foreclosure rate is also quite low. Hence, this should be one of your top choices in housing investment at the moment.
Washington
2022 Economy ranking: 3
Home price appreciation: 20.1 %
Housing starts per 1,000 people: 7.3
Foreclosure rate: 1 in 4,965 houses
Underwater mortgages: 1.2 %
Though there is a housing crunch in this area due to a lot of migrations and major economic activities, still the foreclosure rates and underwater mortgages are quite low here. This makes it a very stable and dependable market to expand your housing real estate portfolio.
Florida
2022 Economy ranking: 4
Home price appreciation: 25.7 %
Housing starts per 1,000 people: 9.6
Foreclosure rate: 1 in 1,211 houses
Underwater mortgages: 1.4 %
The friendly tax rates in Florida and the great weather conditions have caused a lot of Americans to move to this area. Florida Realtors reports say that more than 167 people came and settled in Florida for every 100 people that left. New Yorkers and California folks are the ones shifting in the highest numbers. The demand for houses is increasing, and you can start investing here for better growth.
Vermont
2022 Economy ranking: 33
Home price appreciation: 20%
Housing starts per 1,000 people: 3.2
Foreclosure rate: 1 in 13,930 houses
Underwater mortgages: 1.1 %
Though Vermont’s economic ranking is a little low compared to other places, its house foreclosure rates are also quite low. US News reports say that the great landscape and small city features make it a great attraction for people moving out of the city hustle. This is making the housing market quite stable, and the prices are booming.
Tennessee
2022 Economy ranking: 2
Home price appreciation: 24.1 %
Housing starts per 1,000 people: 8.2
Foreclosure rate: 1 in 2,797 houses
Underwater mortgages: 2.9 %
The house prices in Tenessee are quite high, but the number of people coming into the area is also quite high. This makes the demand rise even more. The economy is quite stable, and the house foreclosure rates are also low, which favors the housing market to boom in this location.
Idaho
2022 Economy ranking: 5
Home price appreciation: 27 %
Housing starts per 1,000 people: 10.5
Foreclosure rate: 1 in 6,015 houses
Underwater mortgages: 1.6 %
The foreclosure rates and underwater mortgages in this area are very low. The number of new home constructions is also on the rise. Boise in Idaho has been named one of the fastest-growing cities in America, making it quite an attraction for out-of-state settlers to look for houses in this state.
Texas
2022 Economy ranking: 8
Home price appreciation: 19.3 %
Housing starts per 1,000 people: 8.9
Foreclosure rate: 1 in 2,326 houses
Underwater mortgages: 2.5 %
Texas is seeing a huge population boom in recent years, and that is making a steep rise in house demand in this area. According to reports, it is number one in the population growth percentage among other American states. The number of new constructions in texas is rising and is stablizing the overall market and favoring growth.
Arizona
2022 Economy ranking: 22
Home price appreciation: 27.4 %
Housing starts per 1,000 people: 9
Foreclosure rate: 1 in 1,861 houses
Underwater mortgages: 1.4 %
The high population and large population in Arizona have steeped demand for houses. This has given the place a major chance for real estate growth and can be a great place for the expansion of your business portfolio.
South Carolina
2022 Economy ranking: 13
Home price appreciation: 21.4 %
Housing starts per 1,000 people: 9.5
Foreclosure rate: 1 in 1,081 houses
Underwater mortgages: 3.4 %
The housing real estate inventory in South Carolina is on the lower side, but the high demand is favoring a lot of new construction work in the area, making it a great market for investment.
South Dakota
2022 Economy ranking: 12
Home price appreciation: 20.1 5
Housing starts per 1,000 people: 8.8
Foreclosure rate: 1 in 17,724 houses
Underwater mortgages: 4.8 %
The South Dakota economy is quite stable, and the number of foreclosures is real low, making it a hit in the housing market. The housing prices are also growing in the area due to rising demands. Investing and expanding in this market can prove beneficial for your business.
Get expert advice in real estate investing and expansion
Knowing and understanding the current conditions of housing markets is crucial for growth in the real estate market. If you run a real estate business in these uncertain post-pandemic times, you can not afford to make mistakes amidst the crisis. It is better to get external help in strategy and leadership to plan ahead of time and stay on top of all trends.
Get outsourced help from the Assetsoft team to better plan your strategy and leadership at a much more affordable rate than hiring an in-house team. Talk to us for more!