The housing market is facing a number of challenges these days, including low inventory and high prices. This is making it difficult for many people to find affordable homes. However, despite these challenges, people are still moving. And if you’re considering making a move yourself, there are a few things to keep in mind.
Moving to Cities with Lower Housing Costs
One of the biggest factors motivating where people are moving is affordability. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at Realtor.com, summarizes why:
“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”
If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.
Living Where You Vacation
Another trend is people moving to places where they like to vacation. This could include suburbs near the beach, mountain towns, or lakefront communities. Data shows that many homeowners are making this type of move a priority today.
According to a report from Gravy Analytics:
“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 with today’s home prices and mortgage rates, this type of move could be possible for you. If you’re already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you’d need for your dream home.
Taking Advantage of Remote Work Flexibility
Ongoing remote work is another major factor in where people are moving. A recent report from the McKinsey Global Institute says this about recent movement 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.”
If you’re a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.
In fact, the same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.
Other Factors Driving People to Move
In addition to affordability, vacation destinations, and remote work flexibility, there are a number of other factors driving people to move today. These include:
- To be closer to family and friends
- To pursue better job opportunities
- To improve their quality of life
- To downsize or upsize their home
- To retire
Despite the challenges of today’s housing market, people are still moving. If you’re considering making a move yourself, there are a few things to keep in mind. Consider your budget, your priorities, and the factors that are most important to you when choosing a new place to live. And if you need help navigating the market or finding the right home for you, be sure to work with a trusted real estate agent.
Here are some additional tips for moving in today’s market:
- Be prepared to act quickly. Homes are selling fast, so it’s important to be ready to make an offer when you find the right one.
- Get pre-approved for a mortgage before you start shopping. This will give you an idea of how much you can borrow and what your monthly payments will be.
- Be flexible with your search criteria. If you’re not finding what you’re looking for in a particular area, consider expanding your search radius or looking at different types of homes.
- Work with a real estate agent who is familiar with the local market and can help you find the best deals.
- Moving can be a big decision, but it doesn’t have to be overwhelming. By doing your research and working with the right professionals, you can find the perfect place to call home.