The Light: Home Buyers on the Move | John Burns Real Estate Consulting

The Light: Home Buyers on the Move


As the world reopens, the Great American Move that we projected on May 8 has begun! The housing industry is benefiting from the movement, and below are some of the opportunities.
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Buy Exurban Land

The shift to staying home has given many people the opportunity to work from wherever they want, a trend that is benefiting exurban regions, like those outside of the San Francisco Bay Area. The movement will fuel an increase in construction, as builders have been particularly hesitant to move to regions beyond established suburbs in recent years.
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The Affordable West

State-of-the-art technology will make an even bigger difference now, as people are looking to relocate out of expensive areas. Salt Lake City, Las Vegas, Boise, Portland, and Phoenix are all experiencing surges in California buyers, some of whom have been greenlighted to work from home permanently.
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The Affordable South

Our Burns Housing Survey reported a 59% year-over-year increase in net sales in the state of Florida! Builders from Jacksonville to Naples are reporting the strongest sales rates of the year, driven by out-of-state buyers. Charlotte, Raleigh, and Atlanta have also benefitted. We recently featured an Atlanta-based builder with record-breaking sales on our podcast. He attributes much of his success to his cutting-edge online technology.
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Opportunities in Luxury

Luxury buyers have returned and are willing to pay more for inventory homes so they can move immediately, including second-home buyers in places like Naples. 40% of move-up builders in our May survey reported increased urgency, driven by a desire for households to improve their living environments after weeks of “stay at home.” This is especially true in Austin, Dallas, Denver, and Las Vegas, where sales include new residents to the area. The stock market recovery has clearly helped.
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As COVID-19 restrictions ease and the Great American Move accelerates, we will continue to watch the trends as they develop. Feel free to reach out to Lesley DeutchKen Perlman, or anyone from our team to help you follow the trends in your market.

 

 


Lesley Deutch If you have any questions, please contact Lesley Deutch, Managing Principal, at (561) 998-5814 or by email.
Ken Perlman If you have any questions, please contact Ken Perlman, Managing Principal, at (858) 281-7214 or by email.