Where to Live?
Lowest Natural Disaster Risks around the U.S.
CoreLogic recently released an analysis of wildfire, inland flood, severe convective storm, winter storm, earthquake, and hurricane risks across the U.S. to develop the safest counties from natural disasters. Here are the top 10:
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McKinley, New Mexico
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Duchesne, Utah
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Conejos, Colorado
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Emery, Utah
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Summit, Colorado
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Pondera, Montana
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Saguache, Colorado
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Uintah, Utah
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Mesa, Colorado
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San Miguel, Colorado
Buy now, or wait?
Should you buy a home now? We get asked this question a lot, and for months we’ve been telling our clients that the combination of super-tight inventory, combined with a massive surge in activity after pent-up demand broke free in 2020/22, combined with an under-built environment of millions of homes in the US, could lead to further price escalation, regardless of higher rates.
The bottom line is that the price re-balancing in many parts of the US seems to be slowing. And we may be entering a period where the limited inventory that is available sells for more (prices in LA County are already starting to rise). And this is during uncertain, more challenged economic times with higher interest rates. Now imagine what happens when:
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The economy weakens and rates are dropped to fuel activity.
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We are under-building and continue to build less of the types of homes the consumer is seeking. By millions.
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Building labor and materials costs have slowed rising but have not dropped sharply, so building remains expensive.
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We are in the midst of a $1 trillion government-funded infrastructure spending time that keeps labor and materials supplies tight.
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Even more, people who have been renting to save enough to buy enter the markets combined with the existing Millennial demand. Add in the 10,000 per day retirees seeking a second home or a smaller more affordable home that the younger market also wants.
Under-supply combined with rising demand = price hikes. Buying now with higher interest rates and refinancing later when rates come down a bit may be cheaper.
