‘There Is No National Housing Market’: Why Location Matters Now More Than Ever
The longtime mantra of the real estate market, “location, location, location,” may never have been so true.
During the COVID-19 pandemic, a national frenzy seemed to permeate the housing market as buyers spent previously unimaginable sums on homes just about everywhere. The real estate market was fairly monolithic as the number of available homes dried up and prices shot up around the country.
However, what’s happening in the national housing market might no longer resemble what’s going on in local markets across the country. As mortgage interest rates have risen, some markets have slowed while others continue to speed up. Home prices may be falling in one city but accelerating in another. Bidding wars may be fierce in one neighborhood, while homes are struggling to find buyers in the next one over. The real estate market is once again all about location.
