Source: Yahoo!News —
My Southern View Broker Alyssa Hellman joins Yahoo Finance Live to discuss emerging housing markets, homebuyer responses to rising mortgage rates, and the outlook for demand in housing.
Video Transcript
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– Rising rates have led to tough times in the housing market, both buyers and sellers stuck on the sidelines with the 30 year fixed north of 7% for the first time in 20 years. There are some exceptions to the rule, however. Alyssa Hellman is a broker for My Southern View. Alyssa, nice to see you. So the “Wall Street Journal”
Emerging Markets Index lists Johnson City, Tennessee– I feel like I should sing it every time, thanks to Darius Rucker. That’s number one on the list, ahead of Visalia, California, Elkhart, Indiana, North Port, Florida. Fort Wayne, Indiana rounding out the top five. And your town, Raleigh, North Carolina, cracking the top 10. What do these cities have in common in terms of real estate markets?
ALYSSA HELLMAN: Absolutely. So I think the biggest thing that you’re seeing with rising rates is affordability has gone dramatically down. And so when you look at markets like Johnson City, like Raleigh, the one thing that a lot of those places have in common is you can still find affordable homes and compete in a way that a lot of these really competitive markets, such as San Francisco, Chicago, places where buyers were really priced out, they can still, with higher interest rates, compete and afford in some place like Johnson City or Raleigh.
– Now, it’s interesting because, Alyssa, we know a lot of people moved to suburbs, they move to other areas for affordability reasons, when they were able to work remotely because of the pandemic. But do you think that’s going to be the case now, as employers put more pressure on some workers to return to the office?
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