Before the interest rates shot up around 2022, many buyers were making moves due to a sense of confinement, a sudden need to work from home, desire for space of their own, or just a general desire to shake up their lives. In large metro areas like NYC, DC, Boston, Chicago, Miami and other markets where rents could be above $2k-$3k, people did the math and started thinking, “I could take the $30,000 a year I spend in rent and put that in an investment somewhere.”

Then rates went up, people started staying put and decided to nest in the new home where they had just received a near 3% interest rate. For others, the higher rates and inflation meant that dollars were just stretching less than they used to.

Now – it’s been five years since the onset of the pandemic, people who bought four year

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