Initially began my career in real estate investing looking into fix and flips, then migrated my attention to the Notes side of the business.

For example, if you have a background managing properties or working for a large financial consulting firm or studied migration patterns with a PHD in mathematics.

This is why Tacoma is the hottest real estate in the US right now and high-income households are migrating to this area - you get all the good parts of Seattle for half the price. 

Worth with thriving economies and massive incoming migration.

Vermont real estate is super hot right now - an exceptional seller's market. 1st it was driven by AirBnb and STR opportunities, then it was the COVID migration from the cities and now, we are beginning to see climate change driven relocations.

To determine whether I thought a market condition was a bubble or not, I would be primarily focusing on job growth, wage growth, business migration, economic diversity, and household levels of debt.

People migrate to survive and explore.  

Per this NY Times article, the average American knows around 600 people.https://www.nytimes.com/2013/02/19/science/the-average-american-knows-how-many-people.html#:~:text=The%20average%20American%20knows%20about,do%20you%20know%20named%20Kevin%3FPer the US Census Bureau, the average American moves 11.7 time in their life, which based upon an approximate lifespan of 84 years, works out to be about every 7 years.https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it,one%20move%20per%20single%20yearSo, if the average American knows 600 people and they each move about every 7 years, that means that the average American knows around 85 people that move in any given year.How many of those moves do you want to be involved in?

And they would just migrate to props that had the highest % returns and go for it.. 

The population decline is hardly a mass migration.