06/11

Where are Buyers Moving?

Looks like cities are getting the boot – or at least, aren’t the place many homebuyers are looking to purchase.

According to a recent report from Knock, a real estate technology company, nearly 6 out of every 10 pandemic homebuyers opted for a new, often less populated city within the same state they currently live.

With COVID changing much of our world, more and more homeowners and buyers were able to start working remotely, which ended up changing how the real estate market worked as a whole. Sean Black, Knock’s co-founder and CEO, explains, “Almost overnight, our homes took on a whole new meaning. In addition to where we live, they became where we go to work, go to school, workout, and everything in between. It prompted us to re-evaluate what we want and need our home to be.”

More space is the key – with our homes becoming more and more of the space where we’ve grown accustomed to doing most things, homeowners and buyers are looking for room to grow.

40% of survey responders insisted on moving for a larger home, 39% wanted to move to a quieter neighborhood, and 37% wanted more outdoor space.

We’ll see what 2021 and beyond brings to the real estate market in terms of what buyers and sellers want and need.

Stop by Pacific Alliance Title’s Blog for more real estate news and guides.