OfflineIn a recent article posted by Les Christie on CNNMoney, he addressed the transient nature of employees and how Oregon is now the number one destination among people moving from one state to another.
What does this mean to investors? MONEY! More people moving to Oregon provides multiple opportunities to make money through real estate.
It could involve any real estate strategy from wholesaling, lease options, buy fix & sell, etc.
People would rather buy a property than rent, so as Oregon is growing in population your pocket book could also grow.
You are able to create a WIN-WIN situation, where you’re investor is getting a property that matches their needs and you’re winning because you’re getting paid for your efforts.
“More than 61% of all interstate moves made in Oregon were for people coming to live in the state, according to United Van Lines' annual migration study, which tracked 129,000 moves in the United States in 2013. Fewer people have been moving from state to state since 2008. "Most of our customers move to take advantage of job opportunities and we're seeing a slow recovery from the recession," said Melissa Sullivan, spokeswoman for United.
As the economy heats up, more people are expected to move as corporations step up hiring and look farther afield to find qualified employees. United Van Lines has been tracking the state-by-state migration patterns of movers in the U.S. since 1977.”
http://money.cnn.com/2014/01/07/real_estate/oregon-moving/index.html
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Wow, Drew, very interesting information. It started me wondering what the top outbound and inbound migration states are. According to Atlas Van Lines, here is the answer:
Top Inbound Migration States (Not ranked in any specific order):
Oregon, Montana, Idaho, North Dakota, Texas, Tennessee, North Carolina, New Hampshire
Top Outbound Migration States (Not ranked in any specific order):
Wyoming, Nebraska, Minnesota, Illinois, Indiana, Ohio, Pennsylvania, New York, New Jersey, Maryland, Connecticut
Other states are considered as basically balanced, with approximately the same outbound and inbound numbers.
Other migration trends:
The Northern states underwent major change from 2012 to 2013. Pennsylvania went from being a balanced state to outbound; Vermont and West Virginia both went from being outbound states to balanced; and Delaware went from being balanced to outbound. Washington DC remains as the only northern location to be inbound for 11 consecutive years.
Southern States
The Southern states saw no change from 2012 to 2013. The majority of the Southeast and Mid-Atlantic states remain balanced with the exception of Tennessee and North Carolina, which both remain inbound states. All of the Southwest states remain balanced in 2013 excluding inbound Texas.
Midwestern States
Mirroring last year's data, Illinois, Indiana, Ohio, Minnesota and Nebraska remained outbound while Kansas, Missouri, Michigan, Wisconsin and Iowa remained balanced. North Dakota remained inbound. No Midwestern state has been classified as inbound for more than 10 consecutive years.
Western States
The Western states also experienced significant change since 2012, particularly with Montana and Idaho shifting from balanced to inbound states. Additionally, Washington went from inbound to balanced, leaving the majority of the Western Unites States balanced.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
That is interesting information. I live in OR and don't see the appeal. But what I have found is that the value of homes have gone up 10-13% in the last quarter. When Dean says "now is the time" to invest he is not kidding. Buy now and wait a few month and sell for a "do nothing" pay-off.
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Rob & Nicole Cassidy
It is always very interesting to see the shifts as different markets move into prominence in appreciation. California has dominated the top 100 markets for the past year or more, and continues with strong representation. In addition to Oregon becoming more prominent, other states that have moved into multiple top market positions are Florida and Georgia.
While most prognosticators anticipate slower appreciation nationwide, there will continue to be hot spots, and momentum plus other gradual economic growth are expected restore values of properties to pre-bubble highs within the next few years. A more gradual surge will be much more healthy, and sustainable without the bubble effect.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
In my continuing research, I was interested by this excerpt from Forbes Magazines 2014 Real Estate market predictions.
"Rising prices, a reversal of underwater mortgages, and easier credit will free Americans up to move. But next time they’ll choose smaller homes in more affordable locations. Redfin is predicting that new lending regulations–which make it harder to borrow more–will send Americans to less expensive hubs like Portland, Denver, Austin, Richmond, Dallas, Houston, San Antonio, Atlanta, and Raleigh." Forbes Magazine
I intend to do some additional research on economics in these areas, to see if there are some particular standout cities that are likely to become investing hotspots for the near future.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall