What’s in The Shaker today:

• 🚚 Affordable Housing Drives Migration

• 💰 Cash for Houses: A Quick Fix

• 😢 Millennials' Home-Buying Regrets

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Affordable Housing Drives Migration

Residents from major U.S. cities are increasingly moving to Southern and Midwestern cities, seeking more affordable housing and job opportunities, reshaping migration trends across the country.

• Cities like Charlotte, Providence, Indianapolis, Orlando, and Raleigh are seeing a surge in inbound moves due to their lower housing costs and growing job markets.

• The average home price in these new metros is $7,500 less than in the cities people are leaving, driven by affordability concerns.

• This migration is influenced by the availability of jobs in rapidly developing sectors and the construction of new, more affordable houses in these areas.

Cash for Houses: A Quick Fix

Companies offering to buy houses for cash provide a fast, hassle-free option for sellers, but this convenience often comes at the cost of selling below market value.

• These "we buy houses for cash" companies, usually wholesalers, target distressed properties or motivated sellers, offering to buy homes quickly and "as is."

• Sellers can close deals swiftly, avoiding the costs and time associated with repairs and traditional selling methods, but they typically receive offers well below market value.

• The approach is less appealing in a seller's market where properties move quickly and fetch higher prices, making the trade-off for speed less advantageous.

Millennials' Home-Buying Regrets

A staggering 90% of millennial homeowners regret purchasing their first home, highlighting the challenges and disillusionment faced by young homebuyers in the current real estate market.

• The primary regret among millennials is the location of their home, followed by issues with neighbors and high interest rates.

• Many millennials, driven by the urgency to buy in a competitive market, overlooked significant issues, leading to buyer's remorse.

• A significant portion of millennials were willing to buy homes with major issues like asbestos, mold, or foundation problems, often regretting these decisions later.

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