Source: Fox Business —
The search for affordable housing remains a top motivator for homebuyers who are looking to relocate to a new city, according to Redfin’s third quarter migration report.
In the third quarter of 2022, a record 24.2% of homebuyers looked to move to a different metro area, up from 23.3% in the second quarter and 21.6% a year ago, according to Redfin.
High mortgage rates, inflation and still-high home prices have deterred many would-be homebuyers from moving. However, the buyers who remain in the market are likely to prioritize moving to relatively more affordable cities to find their new homes, Redfin said.
“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” Chen Zhao, Redfin’s economics research lead, said.
“Migration will likely slow in the coming months because the softening labor market and job losses will push more people to stay put or move in with family, though some may need to relocate for new employment opportunities,” Zhao continued.
If you are looking to purchase a home or refinance your current mortgage, comparing multiple lenders can help you get the best rate. You can visit Credible to find your personalized interest rate without affecting your credit score.