Record Number of Redfin Users Looked to Move to a Different Metro in Q3

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According to new research from Redfin.com, 29% of their users looked to move to a different metro area in Q3, 2020.  Santa Barbara (CA) tops the list followed by followed by Louisville (KY), Buffalo (NY) and several other affordable metros in the South & Northeast with positive net in-flow (the number of people looking to move in minus the number of people looking to leave).  Indeed…

“Remote work has opened up a whole new world of possibilities when it comes to buying a home,” said Redfin chief economist Daryl Fairweather. “Many residents of expensive areas like New York or Los Angeles couldn’t manage to afford rent and save for a home at the same time. So it’s no wonder that these folks are looking to buy homes in much more affordable places like Louisville and Little Rock.”

“Out-of-towners tend to have a different frame of reference for how much a home should cost,” Fairweather said. “That means people moving in from a pricey place like New York or Los Angeles consider buying more expensive homes than locals. Out-of-towners who work remotely may also have higher house-hunting budgets.”

Click here to read the full report at Redfin.com.

 

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Director of Education & Outreach, National Real Estate Investors Association

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