27% of Buyers are Moving Away

/

I’ve spent a lot of time over the last few months thinking about what is really important to me. Have you? I bet so! NAR confirms that Americans are thinking about home, and how and where they want to live. Outdoor spaces and room for home offices are jumping to the top of the priority list! Redfin released new research that confirms this, and the inland cities trend I’ve been watching for a few years.

Redfin reports that 27.4% of its app and website visitors were looking to move to another metro in the second quarter of 2020—an all-time high, up from 25.2% in the second quarter of 2019. Redfin’s migration analysis reflects a sample of more than 1 million Redfin.com users who searched for homes across 87 metros in the second quarter.

Buyers are compelled by very very very low interest rates, examination of values, and employers finally being pushed to allow remote work. They can explore the best place for them to live, not just the best place to find job. The most popular relocation destinations were inland areas that tend to boast higher housing affordability than coastal regions. The areas with the largest net inflows of Redfin.com users in the second quarter were:

  • Phoenix

  • Sacramento, Calif.

  • Las Vegas

  • Austin, Texas

  • Atlanta

New Yorkers, San Franciscans, and Los Angelinos are driving home buyer interest in some of these destinations, and I’ve seen Portlanders (and general Pacific Northwesters) looking inland and eastward for affordable homes, smaller job markets, and smaller cities with more local flair.

Sacramento’s Skyline Photo by Wil Stewart on Unsplash

Sacramento’s Skyline Photo by Wil Stewart on Unsplash

Are you planning on moving out of the city you live in? To a bigger or smaller town? What is driving you to move? I would love to hear about your real estate plans!

Source: NAR