For many Americans, the new realities of working remotely have opened up possibilities for relocation that they had not considered before. Open House searches are on the rise, and people are figuring out ways to make moves. Our team was curious about where people are moving- here’s what they found.
On the popular real estate website redfin.com 27% of searchers were looking to move to an area outside of their immediate metro area. In the second quarter of 2020, the most popular places people were looking to move included Phoenix, Sacramento, Las Vegas, Austin and Atlanta.
Why are people looking to move? Many potential buyers from out of town are now working remotely, so affordable options that include office space, a big backyard, and good weather are now a much higher priority.
Tech workers are making up a large portion of the new buyer pool. A realtor in Austin was quoted stating that he had buyers from New York, San Francisco and Portland buying homesites in Austin, sometimes site unseen!
Even areas that have been thought of traditionally as ‘vacation’ towns, or ‘places to retire’ are now also seeing an influx of full time residents with Palm Springs, CA as a perfect example. With nice homes priced between $350k and $600k- it’s no surprise that urban dwellers are ditching their apartments for more space and sunshine.
Only time will tell if this trend becomes permanent, but one thing is for sure- with the many new realities we all face, considerations about moving are top of mind these days.