LendingHome CEO talks homebuyer demand and inventory
Today’s HousingWire Daily features an interview with LendingHome CEO Michael Bourque. In this episode, Bourque discusses the factors that are currently shaping the real estate market such as homebuyer demand and housing inventory.
For some background on the interview, here’s a brief summary of HousingWire’s coverage on the uptick in homebuyer demand:
In what will be known to future generations as the Great Reshuffling, a recent Zillow survey showed that more than 1 in 10 Americans reported moving in the past 12 months, either by choice or by circumstance. And now, with the COVID-19 vaccine circulating and the economy slowly regaining strength, Zillow researchers say millions of additional households could enter the housing market in 2021.
Among the surveyed movers, approximately 75% reported moving for positive reasons, such as being closer to family or friends or living in a desired part of the country. That’s a major cause of the Great Reshuffling, as work-from-home became a national norm during the pandemic and allowed people to live wherever they wanted — so long as they had an internet connection.
So-called “secondary cities,” in fact, have seen a massive influx homebuyer demand where buyers are looking to take advantage of bigger homes and larger lots for a fraction of the price they would pay in a metro area. Specifically, housing markets like Portland, Maine, Bay City, Mich., Pueblo, Colo., and a slew of zip codes in Idaho have become popular mover destinations since the onset of COVID-19.
Zillow also reported an uptick in movers to the South over the past year — specifically, to the Sun Belt cities of Phoenix, Charlotte, N.C., and Austin. Inversely, data from Zillow showed for-sale inventory climb the highest in four major real estate markets — Los Angeles, Chicago, San Francisco, and New York.
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