During the pandemic, remote workers flocked to sunny, affordable “Zoomtowns” like Phoenix, Austin, and Boise, fueling a real estate boom with soaring home values and bidding wars. These locations, once popular for their warm weather and relatively low cost of living, became hotspots for digital nomads looking for more space and comfort while working from home.
However, as interest rates climbed and remote work opportunities decreased, demand in many of these markets has plummeted. Homeowners who bought at peak prices are now struggling to sell, facing losses while inventory in these areas steadily builds. This shift presents potential buyers with a unique opportunity to negotiate better deals in previously overheated markets.
Read more about Arizona home prices.