Where Are People Moving Today and Why?
Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they’re prioritizing most right now. That information could help you plan your own move.
1. People Are Moving to Cities with Lower Housing Costs
One big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at Realtor.com, summarizes why:
“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”
The takeaway for you? If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.
2. People Want to Live Where They Vacation
And, if you’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today. According to the same report from Gravy Analytics:
“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once thought of as vacation spots.”
Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you’re already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you’d need for your dream home.
3. People Who Work Remotely Are Taking Advantage of that Flexibility
“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”
If you’re a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.
In fact, the same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.
Why Is My Home Not Being Shown Multiple Times Per Week?
As I have daily conversations with my Seller’s, as well as speak with other real estate professionals, and it is a continuing education class for Seller’s in the current market. Long gone are the multiple offers, offers over list price and no contingencies. In fact, gone are multiple showings in a day!
When Seller’s ask me, “Why is my home not being shown multiple times per week?” I have to remind and educate them that the real estate market in Atlanta (and pretty much every city from people I talk to) has made a dramatic shift. It’s not that Buyer’s don’t want to buy a home…it’s that many Buyers have been priced out of the market completely by the sharp rise in interest rates.
This dramatic rise in interest rates can do a number of things to a buyer: 1) They can no longer afford the mortgage payment on the price point they were looking; 2) They are having to look at less expensive homes to meet their mortgage budget (hence not looking at yours?) or; 3) have left the market completely. Other buyers, while they may still be able to afford the payment at a higher interest rate, have chosen to move to the sidelines while they see what happens to the economy.
The increase in interest rates is directly related to the number of times your home is being shown. And unless you have priced it below market value….yes…I said BELOW market value, it may be on the market for sometime before it sells. While we certainly have not shifted 100% from a crazy Seller’s market where we were last year or even at the beginning of this year, Buyers are looking for homes that the Seller is showing their willingness to price it such that it is a great value to the buyer.
As a listing agent, I can work to market your home in numerous ways. If your home is vacant, we can increase the amount of virtual staging we do in each room to help show the home in a better way. We reach out to agents in our marketplace that we know list and sell homes in the area to confirm they have seen your listing, and if they have any buyers that might be interested. But even with these efforts, when you have a reduced buyer pool to draw from, it’s going to take more than 3 days to sell your home. It is now quite common to see homes on the market for 60-90 days and even longer.
Some Seller’s are showing their frustration by taking their home off the market. I had one Seller say, ” I’ll put it back on after the holidays when the market has improved.” Well, I don’t have THAT crystal ball, but if there are buyers out during the holidays, they most likely are strong buyers that ARE qualified, and you could miss that opportunity.
I can talk to you and tell you about the market, but numbers don’t lie….as this statement about the volume of mortgages clearly says:
12 Tips For Selling Your Home or Condominium
Awesome! You’ve decided it’s time to move on up, or move on out! Whether you are just moving to a new home elsewhere in Atlanta, or moving to another city, we now have ONE GOAL in mind. Get your home or condominium SOLD! And while you hire me to market your home, there are certainly MANY things that you can, and should do to help get us to the celebration! (We use to call it a closing….now it’s a CELEBRATION!
Let’s look at 12 Tips for Selling Your Home or Condominium…
- Check What I’m Doing to Market Your Home!— Since probably 90% or more of homebuyers START their shopping online, they may never set foot in your home or condo if they don’t like what they see on line. I used to post several times a week on Facebook, as series called PRICELESS Listing Photos….and you would be amazed that these pictures come from actual listings. I decided NOT to call out the others in my industry for their lack of professionalism, so I don’t publish them anymore. I mean, these are the pictures I have seen attached to an actual listing that an agent is marketing!!! Just look at this one! When I market your home, once marketing is up and in place, I will send you links to where you can find your listing. If you see a photo that you don’t think shows your home in the best way, we change it.
- Write a Love Letter about Living Here — Does this sound silly? Well, a nicely written letter from you to prospective buyers that are touring your home or condo can mean a lot to someone else. Tell how much you loved your Saturday morning walks up and down Peachtree Street with your Starbuck’s coffee in hand….or watching the kids play in the backyard, or the peaceful setting you’ve created to slip away from a crazy week….help a buyer LOVE what you LOVE about your home. We don’t advise this when you are submitting an offer on a property….but it can help a Buyer see what life might be like!
- Facebook Your Friends — Don’t knock it….Facebook is where many people are today. We use it constantly to post real estate updates, neighborhood information and YOUR LISTING! We’ll send you links to our custom website built for your home, and you can inturn share that with your friends. Remember, then their friends see it and their friends and so on….and get your friends to comment on it….the more activity it sees, the more it gets seen. (Facebook has some pretty complex behind-the-scene algorithms to make things show up!)
- Neighbors Like Neighbors — You have to admit, you like having great neighbors. What could be more fun than your friends down the street or the hall know they could now have THEIR friends for way out OTP be close by?? Back to Facebook, if your neighborhood has a page, or Nextdoor, consider getting the word out there.
- Condition, Condition, Condition — I’m sure you’ve heard that phrase, but with the word location. While that is true too, the condition of your home or condominium will have much to do with how many showings and ultimately…the price you sell for! If you have a single family home, consider having an inspection done, just like the Buyer would. Find all those little things — and even the major ones — and address them NOW, rather than during a due diligence period once you are Under Contract! It will make the process much easier for everyone, and you won’t have a Buyer asking your for hundreds or thousands of dollars in repairs or off the contract price as a concession. If you have not painted your home or condo in 3 years or more….I have one word for you…..PAINT! It will do wonders for how your home shows, and will cover up those nicks and scrapes of your years living there. Remember, condition, condition, condition…..
- Leaving Something Behind — Now I’m not suggesting you leave your personal belongings or a family heirloom, but if there is something unique in your home or condo that really just may not fit where you are going…consider leaving it for the next owner! Maybe you had custom blinds or drapes made….patio furniture that from your house, won’t fit on that condo balcony. If it’s in great shape, consider leaving it behind as way to distinguish your home from others that may be for sale.
- Showings made Simple — Nothing can be more frustrating to a Buyer’s agent, and a potential Buyer than having a hard time seeing your home. If your home does not get shown, it’s not going to be SOLD! If you can avoid things like “Shown By Appointment Only” or “Must have 24 Hours Notice” it will help in marketing your home. Ok, we understand you have a life to live. But go back and read Paragraph One and what our GOAL is….to get your home SOLD! And we understand pets, and kids and all that. But let’s make showing your home or condo simple. We use an automated system on our side that helps us manage and confirm showings quickly. We can put specific showing instructions on the approval as well. But you want to have your home available…and yes, there may be showings that happen short term – like within a few hours. That could be YOUR Buyer!
- Stage the Exterior — Of course this mostly applies to a single family home. Keep your yard mowed weekly. Driveway and front entrance blown/swept off. When the agent is at your front door, opening the key box and the door, the Buyers have time to look. And look. Give them nice pots of flowers and well mulched landscape beds to look at. If you live in a condo, this can be very much out of your control. But, if you see something in your lobby that needs attention, mention it to your Property/Association Manager.
- Proper Pricing Makes for a Prompt Celebration — Of course you want to get the most money you can when you sell your home or condo. And we often follow the idea of if the last one sold for $x, we want to get $xx. Well, that can work FOR, or AGAINST you. You’ve priced ABOVE the last sale, so there could be an appraisal issue. Or that mindset of “room for negotiation.” How about this….price your home BELOW the last sale! This makes it look like a great deal, and these are the ones that get the most visits from Buyers and may even generate multiple offers for your home. And remember, however you price it, if your home sits on the market, it quickly becomes “stale.” When your agent talks to you about a price adjustment….listen.
- Personal belongs in the Storage unit — Remember, your HOME is now a HOUSE you are trying to sell. You will take your memories with you, but the new Buyer is trying to imagine making their OWN memories in this space. They can’t do that if you have family photos all down the hallway, or all your golf trophies on display. You are going to have to pack to move…just get started early. And while we are packing the personal….
- De-Clutter! — keep on packing! If it’s summer time – pack away the winter sweaters and coats and open up the closets! Pack up all your tchotchkes that are on tables, shelves, the kitchen counter. Make the space open and inviting. Buyers want to see how much closet space there is…and if you don’t have a lot in a condo, making it LOOK like you have lots of storage space is important!
- Competition for YOUR Celebration — If your same floor plan is For Sale a few floors up, or down, it’s going to come down to condition and price. And if your competition looks better than you, your Celebration is going to be delayed as they make an offer and move on your competition because it looked and showed better than yours. I’m more than happy to take YOU, as a Seller out and show you some of the very homes or condos YOUR potential Buyers could see. Then you know if you are in first place, or if you have some more work to do!
Let’s get your Celebration ready!
Clients Become Friends at Thomas Ramon Group and MyMidtownMojo!
In the world of real estate, I cross the paths of many different kinds of people. It is probably what makes working in the real estate industry so rewarding…at least for me!
Getting to know people as you help them with such a large financial decision, and a life decision as well! I will admit there are some people that I lose contact with…they move out of state, and we just don’t keep in touch like those that live here in Atlanta. It’s not for trying, it just happens. But then there are those, that become friends for life, and you really appreciate those relationships. Terry and Sue’s testimonial is one example of that kind of relationship….
It was a football Saturday probably in 2007. Sue and I walked along Peachtree St. at 5th Street near the Georgia Tech campus. Although not a resident of Georgia at that time, we spent a lot of time in midtown for Georgia Tech functions and I worked out of Atlanta. We were window shopping and became interested in midtown condominiums. Given the amount of time that I spent in Atlanta hotels, the thought of having a condominium in Atlanta became very appealing. With the proximity to Georgia Tech and a MARTA station, a midtown condo seemed perfect for my situation.
So there we were window shopping on Peachtree and Thom Abbott came out from his real estate office to meet us and offer any help. My family lived in the Atlanta area and the State of Georgia for many generations; I knew my way around Atlanta. Shortly into the conversation with Thom, I realized that Thom knew midtown very well – the neighborhoods, the trends, the people, the businesses, etc. – and certainly knew a lot more than I about midtown. Thom takes the time to meet condo management teams; he truly understands midtown’s pulse. Thus began a business relationship which is now about 15 years strong and today is both business and friendship.
I’m not sure how many times Sue and I came to Atlanta and got together with Thom to look at condominiums and discuss the market. Previously I had never owned a condo; Thom took the time to make sure we understood the finer points of condo ownership and living. Our midtown condo was a second home and simply a one-bedroom one-bath unit. We looked off and on for maybe two years and at no point did Thom ever pressure us to hurry up and make a decision or to buy more than we need for our second home. I owned property in another state which I needed to sell in order to buy the Atlanta condo. Thom was totally patient and understanding of that situation.
In due time the out of state property sold and in March 2009 we bought our midtown condo. Sue and I could not be happier with the condo selection. Thom’s knowledge and experience in midtown condos was most valuable. My time both before and after work was very enjoyable. Of course walking to Georgia Tech functions (football, baseball, basketball, band, alumni, etc.) was really nice and we never had to worry about parking. The condo was perfect for our needs.
Sue and I stayed in contact with Thom Abbott throughout the years. Thom hosted some social gatherings which were very interesting and his way of keeping his finger on midtown’s pulse. Midtown has seen incredible changes since the 1960s. Thom studies and knows the market. He is a valuable real estate agent whether he represents the buyer or seller.
A lot changed from 2009 to 2022. In about 2020 I decided to sell the condo. I hated doing that but now retired I lost most of my reasons for coming to Atlanta. Sue and I coordinated with Thom about how best to present the condo for sale. Covid hit right then and Thom’s patience was once again tested. The real estate market fluctuated some during the pandemic and once again Thom offered valuable market advice. Finally in March 2022 the condo was ready to put on the market. Thom was the selling agent and the condo sold quickly.
After many years, the midtown condo has come and gone. I have many, many really nice memories of my time in the midtown condo. One thing remains – my friendship with Thom Abbott.
Thank you Terry and Sue for the opportunity to help you with your Midtown Atlanta real estate needs…and your friendship. Clients Become Friends at Thomas Ramon Group and MyMidtownMojo!
It’s a great feeling to have happy clients! I so enjoy working in real estate and helping people realize their “real estate goals” in the way of buying and selling. Real estate, the buying and selling of, is a complex process with many moving parts. It can be a very stressful time for either a Buyer or a Seller. But my role, is to absorb as much of that stress away from my clients as I can, and with my knowledge and my team, be able to create a memorable real estate experience that is positive.
Dave and Adam found me online back in 2017 when they were looking to buy their first home. They worked for a major cruise line, and had literally lived out of suitcases for years! How crazy is that! They settled on Atlanta as a place to call home (Dave is originally from South Georgia). We looked at several condominium complexes and finally found just the perfect one for them. They had a great lender with Michele Wentworth with Silverton Mortgage. She was even able to attend the closing with Dave and Adam as I was already scheduled to be out of the country on a trip. We became great friends and I always looked forward to their return to Atlanta from the high seas! Of course, the pandemic turned the cruise industry upside down…and they were able to ride it out with their company. A great land-based opportunity became available for Adam in Los Angeles, and so the Atlanta chapter of their lives came to a close! We were able to work through an appraisal issue, and get them to their Celebration Day! Here’s what they had to say about their selling experience:
“This is our second opportunity working with Thom. He has guided us through the purchase and now the sale of our first property. If we were not leaving the State, Thom is the ONLY person we would work with in real estate. His knowledge is so vast and his guidance is invaluable. Thom sets clear expectations on the ever changing market and remains in constant communication. You always feel like a priority when you work with Thom and his support, kindness and attention to detail is like no other.
Whether you are a first-time homebuyer or a seasoned real estate investor, Thom should be the person you choose to work with!”
My best wishes to Adam and Dave on this next part of their life journey! I know we will remain friends, and our paths will cross again! Thanks for your trust and your friendship!