Broaden Your Horizons to Find Better Home Values
When you shop for a home, it is all too easy to develop a tunnel vision. Your dream is probably to live in your favorite neighborhood or a major market. But, if the home values there go beyond your budget, you might find yourself frustrated or over-extended.
New research reveals that today’s home shoppers have widened their home search map. You might learn that picking a less expensive suburb or smaller market can yield more house options for your money. It is important to do your homework, and research various markets with extra care before you commit to a specific locale.
Homeowners are Now Choosing to Move Further Away
Based on the latest data from the experts, around 21 percent homeowners during the 2nd quarter of 2017 looked for houses beyond the metro area where they currently live. The report has revealed the following key findings:
Resident in some Rust Belt metros searched for houses in Chicago.
A major migration continues in California, with buyers seeking to leave Los Angeles and Bay Area and instead, they head to Sacramento and San Diego.
Seattle, Chicago, and Boston had the biggest share of residents who would like to stay in their existing metros.
Metro markets in the South and Sunbelt are appealing to the migrants from the expensive coastal cities.
Smaller Cities are More Charming and Affordable
There is a very simple takeaway here: shoppers are now starting to broaden their horizons and they are reaping all its benefits.
Buyers who can no longer afford a house in their present city are starting to explore what is available somewhere else. The market is now seeing a strong buyer competition and demand in mid-tier cities such as Atlanta, Phoenix, and Sacramento. As home buyers evolve into home sales and purchase offers, the experts are anticipating that competition and prices will continue to grow in these markets.
There are now lots that can be enjoyed in some of the mid-tier markets and smaller cities beyond affordability. Most of the urban renewal trends which make some of these pricier cities such as New York and San Francisco so popular are also taking place even in the smaller cities.
In Omaha, for instance, there is now a flourishing downtown boasting of an emerging food scene as well as a number of craft beer breweries starting to open up. There is no longer a need for you to be in Oakland or Brooklyn to indulge in this form of urban experience.
It Pays to be Flexible
Of course, stretching your house search boundaries is much easier for some people than others. You will need to have a job which will let you work remotely or relocate. If you have to live near your family, this kind of move might not really work. if you have children, you will have to consider the school district of the new location.
But for people with more flexibility, it is definitely worth it to explore brand new cities. There are now plenty of online resources to let you see the options available for you out there.