February 4th, 2019
According to Redfin’s recent Migration Analysis, 25% of people looking to buy a home started searching in metros outside their current area in Q4 of 2018, the highest recorded level in the report’s history. The report consisted of data from over 1 million Redfin users who looked at homes across 87 metro areas in Q4. Some examples of the findings include: 24% of Redfin users in the Bay Area searched for homes in a different metro, and 24% of Denver users looked outside the Denver area. So what does this mean for you?
Because many consumers are starting to actively look for homes in less expensive areas, it’s important for you to expand your realtor/referral basis into more metro areas, especially more affordable suburban areas. It also means that you can help borrowers find affordable homes by encouraging them to look outside of their local market, as long as it works for their lifestyle and fits their needs.