Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

Coastal city exodus continues: Phoenix, Sacramento and Las Vegas now most popular

Redfin finds more than a quarter of users looked to move metros in second quarter

As more people are forced to stay at home and work from home, those who live in small spaces are branching out and seeking homes with extra wiggle room. According to Redfin, 27.4% of its users looked to move to another metro area in the second quarter of 2020, a new record as it’s up from 25.2% in Q2 of 2019.

In April and May, 27% of homebuyers were looking at other metros. Realtor.com also said that listing views in suburban ZIP codes grew 13% in May.

“The factors driving a surge in overall homebuyer demand – low mortgage rates and changes in what people are looking for in a home – are lighting a fire in people who were already considering a move to a different area,” said Redfin Economist Taylor Marr.

“Add in employers’ increasingly flexible remote work policies and the fact residents of many big coastal cities can’t fully enjoy their local amenities, and the people who have long wanted to live in a more affordable area or closer to family are incentivized to make the move soon,” Marr said.

The metros with the most outflow of residents? New York, San Francisco, Los Angeles, Washington, D.C. and Chicago. Redfin noted that expensive coastal cities, like these, typically see the most out-migration.

Redfin said users are most often looking to move to inland areas with affordable housing. Most Redfin users looked at listings in Phoenix, Sacramento, Las Vegas, Austin and Atlanta during Q2.

“As we enter the second half of the year, I expect more people to move from one part of the country to another as the pandemic continues to influence people’s priorities and lifestyles,” Marr said. “But it’s also important to note that some pandemic-driven moves are temporary, and the stories about families hiding out in remote cabins won’t all result in home purchases or permanent relocation.”

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