There is an interesting trend that is happening in the real-estate market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them achieve this.
Consider moving to a more affordable area
Today’s high mortgage rates combined with a continuous increase in housing prices means that many people are finding it difficult to buy a home right now. That’s why many interested buyers are moving to places where houses are cheaper, and the cost of living is lower. As Orphe Divounguy, senior economist at Zillow,
“Housing affordability has always mattered…and we’re seeing it across the country. Housing affordability is changing migration trends.“
If you are waiting buy a house It may soon make sense to expand your search area to include places where homes that fit your needs are more affordable. That’s what many other people are doing right now to find a home that fits their budget.
“45% of American adults are looking to move to another state or city for more affordable housing and lower costs of living… Specifically, states with a strong economy, lower costs of living, and remote work options remain the ideal places to live in the U.S.”
Remote work opens up more options for the home
If you work remotely or only drive to the office a few times a week, you have a much better chance when searching for your next home because you can cast a wider net and include more nearby suburban or rural areas. If they have to commute longer to work, but don’t have to do it every day, they may feel they can tolerate living farther away from their work. Or, if someone works completely remote, they can move to a cheaper area and get a bigger house for their money.”
How a real estate agent can help
A real estate agent can help you find the perfect house for your budget. They are especially valuable if you are moving to a new and unfamiliar area. Real Estate Analyst Lisa Watters says:
“If you’re moving far away, you may not have a good idea of which neighborhoods or towns will be the best fit for you. An experienced local agent can help you find the lifestyle you are looking for in a home you can afford.“
So, if you’re thinking about moving to a place with more affordable housing, what are you waiting for? With the added flexibility of remote work, you may have more options than before.
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