Exploring the Allure of Relocation and How to Make it Happen
Many individuals are continuing to relocate in the current times. If you're considering a move yourself, the challenges of housing market inventory and affordability might be on your mind. A recent report from Gravy Analytics offers valuable insights into where people are searching for homes and their current priorities. This information could prove invaluable as you plan your own relocation.
Prioritizing Affordability in City Selection
Affordability remains a key driving factor for potential buyers, which is hardly surprising. People are gravitating toward regions with more cost-effective housing options. Consequently, smaller cities are experiencing growth. Hannah Jones, an Economics Data Analyst at Realtor.com, succinctly explains the phenomenon:
“Affordability is still very much front and center... much of what’s available exceeds
the budget of many buyers... prompting them to explore other areas for better value.”
The lesson here? If finding a suitable home within your budget is proving challenging, considering more affordable neighboring locations might be advantageous.
Choosing Locations Aligned with Vacation Preferences
Expanding your search horizon might enable you to incorporate locales matching your preferred getaway settings, like a suburban area near a beach or a mountainous town. Data reveals that many homeowners prioritize such moves today. The same Gravy Analytics report reveals:
“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once
thought of as vacation spots.”
Even amidst today’s real estate prices and mortgage rates, making such a move is feasible. If you already own a property, the equity you gain from selling it could fund this transition and serve as your dream home’s down payment.
Leveraging Remote Work Flexibility
The prevalence of remote work also significantly influences relocation choices. The McKinsey Global Institute's recent study explains the evolving migration patterns:
“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”
For those working remotely or in a hybrid setup, living in the same city, or even state, as your workplace is no longer a necessity. This shift allows you to prioritize other factors, such as proximity to loved ones, when purchasing a new home.
In fact, the same McKinsey report highlights that 55% of pandemic-era movers chose residences farther from their workplaces. As remote work remains popular, homebuyers will likely continue capitalizing on this newfound flexibility.
A significant number of individuals are relocating today. If you require guidance to navigate the current inventory and affordability challenges, along with expert insights to discover your ideal home, let's establish a connection.
If apprehensions are deterring you from considering a move, let's discuss your concerns. Reach out to me at 303-960-8252 or visit my website debihaningluxuryhomes.com and we can discuss the pros and cons in your own situation.