2020 was certainly an interesting year, particularly for real estate. The market in California went crazy, with homes flying off the market in record time! With demand far outweighing supply, many homeowners decided it was a great time to sell. But where have the neighbors gone?
According to the California Association of Realtors (CAR) “State of the Housing Market/Annual Housing Market Survey,” three out of 10 sellers in California said they planned to purchase a home in another state. That’s the highest level since 2005, and Covid actually had a lot to do with the reasons why.
For one, so many people have been able to work remotely that moving to another state was no longer an issue with their jobs. And because demand soared for homes throughout the state, declining affordability also played a significant part.
When it comes to where Californians are moving to, northAmerican Moving Services’ “2020 US Migration report” shows that the top inbound states include Idaho (70%), Arizona (64%), South Carolina (63%), Tennessee (63%), and North Carolina (61%). By comparison, California is the third-ranked outbound state at 64%, just behind Illinois and New York. And of all Western states, California has consistently ranked in the top 10 since 2015.
Of course, there are still plenty of excellent real estate opportunities right here in the Golden State! While the real estate market continues to thrive, one of the best ways to position yourself as a buyer or seller is by working with an experienced real estate agent who knows the area well.
I have been working in the Pasadena area for years, and I have decades of experience! In fact, I have created an extensive list of contacts over the years, so I can also help if you’re considering moving out of state. As part of a nationwide real estate referral program, I can help you find a qualified agent wherever you are headed. You can read more here.
Whether you’re buying or selling near or far, I would love to be a trusted resource to you! I have helped countless buyers and sellers, and I would love to discuss your unique objectives. Give me a call if you would like to chat. Stay healthy and safe!