What are people doing today and where?
Many people are still moving today. If you’re considering moving yourself, you might be thinking about the challenges of the housing market in terms of affordability and inventory. You may also be wondering what you can to do help mitigate these. Gravy Analytics has released a new report that provides insights into where people search for homes, and what their priorities are right now. This information could help you plan a move. People Move to Cities with Lower House Costs Affordability is a major factor in determining where buyers go. This is not surprising. People are moving to areas with less expensive housing options. Small cities are flourishing as a result. Hannah Jones, Economics Data Analyst for Realtor.com, summarizes the reasons: “Affordability remains a major concern. . . Many of the items available are out of reach for many buyers. . . . The takeaway for you is: You may find that if you are having difficulty finding a home within your budget, you should look at other, more affordable areas nearby. People Want to Live Near Their Vacation Destinations. If you’re already expanding the search radius, it may be possible to include a location with your favorite type destination, such as a suburb near a beach or a mountain village. Many homeowners are prioritizing this type of move today, according to data. Gravy Analytics’ report states: “Whether it’s to enjoy more weekend hiking in the mountains, or to wake up and see a sunrise on a lake, people are moving into areas that were previously thought of as vacation destinations.” If you are a homeowner, you can use the equity that you will receive when you sell your home to fund your move and provide the down payment for your dream house. People who work remotely are taking advantage of the flexibility. Ongoing remote working is another major factor that influences where people move. McKinsey’s Global Institute released a report on recent movements. It stated that “many of these moves occurred because employees who were no longer tied to their daily commutes started to care less about the distance they lived from the offices.” If you are a remote worker or hybrid, you do not have to live in your workplace’s city or state. This allows you to prioritize other things when buying a house, such as being closer to your loved ones. The McKinsey Global Institute reported that 55% of people who moved during pandemics did so because they wanted to be further away from their office. Since remote work is still popular today, homebuyers are likely to continue to take advantage. Bottom Line: Many people still move today. Connect with a trusted agent if you need help navigating the current inventory and affordability challenges. They can also provide expert advice on how to find your dream home.
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