Phoenix No. 2 destinations for home buyers who want to move
Nationwide, 30.2% of Redfin.com users looked to move to another metropolitan area in the third quarter of 2021, according to a new report from Redfin (redfin.com), the technology powered by real estate brokerage. And when it comes to where they want to move, Phoenix is the No. 2 destinations for US home buyers who want to move to a new city.
The 30.2% national rate dropped from 31.1% in the second quarter, marking the second consecutive quarter of declines following four consecutive quarters of increases.
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Although the percentage of users who moved to a new metro area decreased in the third quarter, interest in relocation remained higher in the third quarter than last year (29.2%) and before the pandemic (~ 26%).
The latest relocation analysis is based on a sample of approximately 3.3 million Redfin.com users who searched for homes in the 125-foot area in the third quarter, excluding searches that were unlikely to precede an actual relocation. or buying a home. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must consist of at least 80 % of user searches.
The slowdown in relocations coincided with the cooling of the overall housing market: Home bidding wars, house price growth and home sales growth have all collapsed. It is noteworthy that the housing market usually slows down at this time of year.
Although the migration rate has dropped slightly in recent months, it is unlikely to return to pre-pandemic levels any time in the foreseeable future, according to Redfin Deputy Chief Economist Taylor Marr.
“We expect that Americans will continue to move at a higher rate than they did before the coronavirus pandemic,” Marr said. “As employers struggle to retain talent during an ongoing labor shortage, they will face increasing pressure to introduce permanent flexible-work policies that will give more workers the option to move if where they want. We are also starting to see a resurgence of demand for vacation homes, which could help maintain the relatively high rate of home seekers looking outside their home metro.
Miami, Phoenix and Sacramento are Top Destinations for Home Buyers Looking to Move
Miami, Phoenix, Sacramento, Las Vegas at Tampa were the most popular transfer destinations of any major U.S. meter in the third quarter, i.e., they had the largest net inflow. Net inflow is a measure of how many home seekers on Redfin.com looked to move a meter rather than leave.
The meters are warmer and more affordable than major job centers New York at San Francisco often tops the list of most popular relocation destinations, so people want to move to Phoenix. They were even more sought after during the pandemic because remote workers were able to prioritize housing, space and time costs during commute hours.
Sa Sacramento, 41.7% of Redfin.com user searches came from outside the meter in the third quarter, down from 50% last year. San Francisco is the top source for people looking for homes there.
“We don’t see a lot of buyers Sacramento because we are at the height of the pandemic, but most of the consumers I work with still come from Bay Area, ”Said Sacramento real estate agent Redfin Dawn Marie Brown. “Long-distance work has become commonplace for many people — especially Silicon Valley tech workers — so they move here to take advantage of the beautiful countryside and high-quality schools.”
Pollock Pines and Pleasant Valley — neighborhoods east of Sacramento evacuated because of the Caldor Fire this year — are two areas that have recently become less popular, Brown added.
“Before the fire, so many people were moving from Bay Area and overbidding in homes. Consumers in many towns east of Sacramento offers tens of thousands of dollars at the asking price and is still losing money. That just doesn’t happen anymore. I expect demand to increase once the memories of the fires are farther away. “