Social and economic concerns are among the chief factors contributing to homeowners’ plans to sell and move, according to a new study released by Redfin (NASDAQ:RDFN).
Nearly one in five (19.3%) respondents polled by Redfin who have plans to sell their home in the next year said they wanted to relocate to a place better aligned with their views on social issues. Other top concerns cited for upcoming moves were the search for a lower tax environment (19%) and current concerns about safety/crime (17.9%). One in 10 respondents (10.6%) said they were planning to move because they’ve dealt with discrimination in their neighborhood and a similar percentage (10.1%) cited return-to-work requirements.
However, the main concerns fueling relocation are unique to the homeowners: the desire for more space (33.8%), the wish to be closer to family (22.6%) and the pursuit of a lower cost of living (21.6%).
“Real estate is all about priorities and compromise,” said Redfin Chief Economist Daryl Fairweather. “While a lot of homeowners are staying put, refusing to give up their rock-bottom mortgage rates, some are opting to trade their low rate for a safer neighborhood, lower taxes and/or neighbors with the same political views.”
The Redfin-commissioned survey conducted by Qualtrics in May and June, and it was fielded to 5,079 U.S. residents. This report focuses on the 616 respondents who indicated they were likely to sell a home and move in the next year.