Redfin: Share Of Relocating Buyers At All-Time High In July
Summary
The report said high home prices and mortgage rates, combined with permanent remote work, are motivating buyers to move from expensive parts of the country to more affordable areas. “But migration into the South Florida metro is starting to slow, with fewer homebuyers looking to move to Miami than a year earlier.” After many months as one of the top three destinations, Phoenix fell to No. San Diego also has a big military presence, and more service members are relocating here now that the cooling market means they have a better chance of getting an offer with a VA loan accepted.” Portland, Maine, is also becoming more popular with out-of-town buyers, appearing in Redfins Top 10 list for the first time, the company said. Tampa; Las Vegas; North Port, Fla.; Cape Coral, Fla.; and San Antonio, Texas, perennially popular with out-of-town buyers, were also on the Top 10 list in July, Redfin said. “It’s typical that homebuyers look to move out of expensive job centers, and the trend has generally intensified during the pandemic as white-collar employees in those places switch to remote work,” Redfin said.