Despite homebuying being hot, the priorities are shifting as buyers focus on bigger homes and larger yards that allow for remote schooling and remote work.
Many employers are encouraging the spread of work-from-home in the wake of the COVID-19 pandemic. Experts agree that this trend will continue even if the pandemic is controlled.
This has led to the following: housing marketsBuyers are finding that they can afford spacious, affordable homes in cheaper areas, like Tampa and Phoenix. This is because they realize they can keep their big-city jobs while still living in more affordable locations. Many tech workers are moving to Sacramento from the Bay Area, where they can find affordable homes and still drive to work once or twice each month after the pandemic.
Redfin’s data shows that nearly 29 percent of its users desire to move from large metropolitan areas to smaller areas.
“People who could barely afford to rent a one- or two-bed- room apartment in New York or San Francisco are finding that with their newly remote job, they can buy a nice-size house in the most desirable part of a place such as Sacramento, Tampa or Las Vegas,”Redfin’s chief economist Daryl Fairweather says so. “In addition, buyers from larger metro areas find that their big, coastal-city salaries allow them to outbid local homebuyers in bidding wars, which is starting to drive up home prices in those areas,”Fairweather explains.
“The trend is likely to continue as remote work becomes permanent for more companies,”She adds.
Redfin’s website provides information on national and local trends in housing market. Redfin’s housing market tool allows you to search by zip code, city, or neighborhood for details about home prices and current market trends over the past five years. Redfin’s agents can also provide insight from local areas, such as what it takes to get the home you want.
Redfin provides resources for buyers as well as sellers. This includes a home value calculator and a calculator to calculate your monthly mortgage payments.
Visit www.redfin.com/us-housing-marketTo learn more.
