During the pandemic we saw a clear increase in migration out of California, but let’s not forget people who are entering the state too. When listening to media narratives, one might think people are ONLY leaving the state, but that’s not true. PEOPLE ARE LEAVING CALIFORNIA (AND COMING) There are stats available for every state. By the way, I pulled the following stats here in case you want to make a table like this. For real estate professionals, think about areas where people are buying and selling as you consider where to focus your business. Census Bureau stats, Placer County is clearly the big winner with the highest population growth, and Sacramento County lost population over the past couple of years. How has population changed locally? According to the latest U.S. Real estate friends, are you seeing listings due to migration? Do tell. To be fair, not everyone who leaves the state is a homeowner, and not everyone who exits will sell their property either. In other words, outbound migration is a viable reason that some people today will sell as lifestyle needs and wants collide with market conditions. But there are still many owners who are going to list for lots of reasons including inheriting property, a change in family status, moving up, moving down, selling an investment, job change, economic pain, etc… And leaving the state is also a lifestyle category that we want to watch. Right now, it’s very difficult for many homeowners to list their homes because the price to replace a home is so much higher compared to the current monthly payment with a sub-3% rate. I’d love to hear your take in the comments.ĥ/22/23 Yolo YPN event (only for YAR members)ħ/20/23 SAR Market Update (in-person & livestream) I have lots of visuals and a few resources to share in case you’re in a different state and looking for data.
0 Comments
Leave a Reply. |