How the “Great Resignation” is Driving the “Real Estate Renaissance”
Latest Coldwell Banker explores where Americans are moving, unveiling what the “Great Resignation” means for real estate markets across the nation.
Home is where the heart is and with the rise of Americans who no longer feel bound to one city, it’s no wonder there is a recent spark in homeownership desire across the country. According to a recent survey commissioned by Coldwell Banker, 41% of employed Americans would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location.
So, who is moving and where are they headed? The survey results unveil what the “Great Resignation,” the movement of people leaving the workforce during the pandemic, means for real estate markets across the nation.
Young, employed Americans are packing their bags
According to the National Association of Realtors, home prices have dramatically increased in recent months, so it is no surprise that living in an affordable city is top-of-mind for many home seekers. In fact, younger employed Americans ages 18-44 are more likely than those 45-54 to be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location.
Space to grow
Homeowners, especially young adults, are noticing their own households expand, from new roommates, to living with family, to new pets. 57% of homeowners 18-34 said they have felt their housing needs impacted by a growing household in October 2021 compared with 50% in February 2021. It is no wonder many young Americans are seeking their own property and are ready to make a move.
Sunny days ahead
Young Americans are ready for the sun and they’re bringing the heat as Miami, Florida, and Austin, Texas, were revealed as two of the nation’s top cities for relocation. 31% of males aged 18-34 would consider moving to Miami while 21% of females aged 18-34 were more likely to consider relocating to Austin among the options listed.
Dreaming becomes doing
The bottom line is simple: Americans are ready to stop dreaming about homeownership and are ready to make it a reality. From Pinterest boards to Instagram inspiration, they’re looking forward to where home will be, but many still need help throughout the selling process.
The home selling process is no longer as intimidating as it may have once seemed, as just 16% of homeowners indicated that an intimidating home selling process would be a concern if they were to list their home today, compared with 20% in June 2021 and 24% in February 2021. The support and guidance from a Coldwell Banker agent can make the process that much smoother, which is why our agents across the country look forward to supporting those in search of their new home.
Americans await their new homes
From affordability to need for space, Americans have many reasons to call a new city home. Over a third of Americans (34%) indicated that they would like a program that offers benefits to a seller such as no upfront cost for renovations, instant cash offer or additional listing exposure when looking for a real estate website to use when buying or selling a home.
Coldwell Banker has great programs to aid in the home selling and buying process like the RealVitalize program, for sellers looking to sell their home faster and for a better price. RealSure Sell brings home sellers the certainty of a cash offer while they work with one of our trusted agents to find an even better offer to maximize the sale of their current home. In addition, the RealSure Buy program leaves the choice to the home seller; whether they accept the RealSure cash offer or a third-party offer, the program’s added benefits ensure they can act as if their house is sold to purchase the home they love with ease.
As household sizes expand, and the appetite from younger Americans who are willing to relocate across the country for their dream home grows, we’re here to help guide them.
Visit http://www.coldwellbanker.com/ to find your local Coldwell Banker agent and get your real estate dreams started.