According to a new survey, relocation trends could be poised to dramatically increase real estate transaction volume. Why are so many people moving, where are they going to and how can real estate investors help?
According to a new HGTV and ERA Real Estate survey by Market Wired, 1 out of 3 Americans may be moving states within the next 12 to 24 months. The survey also reports a significant annual increase in relocation between states, a trend which could provide incredible fuel for the U.S. residential housing market.
What’s Behind the Mass Migration?
The collapse of the housing sector and financial markets drove plenty of action and had many American households fleeing to newer pastures. Yet, according to the data, migration has increased even more since 2011, when the housing market and economy was already finding its feet again.
While many individuals, couples and families may certainly be on the move in search of jobs, a national survey of real estate brokers indicates that the improved economy and housing prices are now making it more attractive for others to participate in the exodus.
A behavioral expert analyzing the recent phenomenon acknowledged that much of the inter-state traffic is the result of a desire for lifestyle change, not necessarily out of need. New business hubs, changing neighborhood demographics and a dramatic development in technology is definitely making more moves possible and increasing the attraction.
Moving now offers home sellers and buyers the opportunity to lock into a great deal, which can help build their wealth faster over the years to come. It also gives them even more home for their money, while enjoying lower housing payments and better wealth.
Where Are They Headed?
Based upon the data from the HGTV survey, regional profiles and other recent economic trends stand out as top choices for those seeking a change.
These include staples like South Florida and parts of New York. However, San Diego appears to be attracting a majority of people seeking a change as well.
Not as many members of this group may be opting for luxury oceanfront homes, but perhaps may gravitate more towards San Diego County communities like Poway, Spring Valley, Ramona, Chula Vista and El Cajon.
The Deal for Real Estate Investors
Real estate investors that are quick to capitalize on these migration trends stand to win big. Those that offer homes to buy or rent in the above mentioned parts of San Diego County should be able to get enough visibility for their inventory. It may even generate more business than they can handle in the near future.
However, on the flip-side, many of these movers, buyers and renters also have homes that they currently need or want to sell. Wherever you are located, you can help by buying their homes or referring the leads to other real estate investors that will.
Those that really stand out and gain the most business during this new pivot could easily be those that become the best at building out their online content. This could be adding a local job listings section to your website, hooking them up with deals on moving services and creating destination reports. Put in the effort and you will be rewarded accordingly.
