Today's Headlines - Realty Times
Posted On Tuesday, 29 August 2023 10:55
Posted On Tuesday, 29 August 2023 10:05
Posted On Monday, 28 August 2023 16:04 Written by
Posted On Monday, 28 August 2023 10:56
Posted On Monday, 28 August 2023 08:47 Written by

More than one-quarter (25.8%) of homebuyers are looking to move to a different part of the country, a record-high share and up from 23.7% a year ago. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The portion of homebuyers looking to relocate has steadily risen since the pandemic began; the share stood at roughly 18% in 2018 and 2019.

While a record share of homebuyers are looking to relocate, the number is lower than it was a year ago as the frequency of homes changing hands drops to its lowest level in at least a decade amid the cool housing market. There are 7% fewer Redfin.com users looking to move away from their home metro than a year ago. That’s compared with a 17% decline for Redfin.com homebuyers staying in their hometown.

Myrtle Beach, SC has made it onto the list of most popular migration destinations for the first time on record. The South Carolina beach town is the 9th-most popular destination for relocating homebuyers, with people most commonly moving in from Washington, D.C. and New York.

Homebuyers are moving to Myrtle Beach for its relatively affordable homes and outdoorsy lifestyle, as is the case for most of the most popular migration destinations. People moving from pricey East Coast job hubs to Myrtle Beach can get much more house for their money. The typical home in the Myrtle Beach metro sells for about $360,000, compared with over $600,000 in Washington, D.C. and about $800,000 in New York.

“This area attracts a lot of retirees, particularly from the Northeast and the West Coast, because of its relatively inexpensive cost of living, low property taxes, golf courses and sunny weather,” said Myrtle Beach Redfin agent Monica Roman. “Since the start of the pandemic, I’ve also seen quite a few remote workers move in, drawn by our reasonably priced housing and year-round vacation lifestyle.”

Metros in the Sun Belt and Florida are the most popular migration destinations despite increasing risk of flooding, heat and hurricanes

Las Vegas tops the list of most popular destinations for Redfin.com users moving to a different metro area for the second month in a row. It’s followed by Sacramento and three Florida metros: Tampa, North Port-Sarasota and Cape Coral. Popularity is determined by net inflow, a measure of how many more Redfin.com users looked to move into an area than leave.

Relatively affordable metros with warm weather are typically the most popular destinations. Metro areas in the Sun Belt and Florida are perennially in the top 10 metros for relocating Redfin.com users. Housing affordability is an especially big draw as today’s elevated mortgage rates combine with stubbornly high home prices to push monthly mortgage payments near record highs.

Metros in the southern half of the U.S. are popular despite many of them facing increasing risk from climate change. For instance, Las Vegas faces severe heat risk, Tampa faces extreme flood risk and Myrtle Beach faces extreme risk of hurricanes and other severe wind events. People keep moving to those areas, though, largely because they’re typically relatively affordable. The median home price in Las Vegas is $415,000, compared to nearly $1 million in Los Angeles, the most common origin for homebuyers moving in. And the typical home costs $430,000 in Tampa, roughly half the cost of one in New York, where homebuyers most commonly come from.

It’s worth noting that there are fewer homebuyers moving into 8 of the 10 most popular destinations than there were a year ago as high mortgage rates cool the housing market.

Top 10 Metros Homebuyers Are Moving Into, by Net Inflow

Net inflow = Number of Redfin.com home searchers looking to move into a metro area, minus the number of searchers looking to leave

Rank

Metro*

Net Inflow, July 2023

Net Inflow, July 2022

Top Origin

Top Out-of-State Origin

1

Las Vegas, NV

5,400

6,500

Los Angeles, CA

Los Angeles, CA

2

Sacramento, CA

5,100

9,000

San Francisco, CA

Chicago, IL

3

Orlando, FL

4,600

1,300

New York, NY

New York, NY

4 (tie)

Tampa, FL

4,400

7,800

New York, NY

New York, NY

4 (tie)

North Port-Sarasota, FL

4,400

5,500

New York, NY

New York, NY

6

Cape Coral, FL

3,800

5,600

Chicago, IL

Chicago, IL

7 (tie)

Dallas, TX

3,700

5,500

Los Angeles, CA

Los Angeles, CA

7 (tie)

Phoenix, AZ

3,700

6,600

Seattle, WA

Seattle, WA

9

Myrtle Beach, SC

3,600

3,000

Washington, D.C.

Washington, D.C.

10

Houston, TX

3,400

3,700

New York, NY

New York, NY

*Combined statistical areas with at least 500 users searching to and from the region in May 2023-July 2023

Homebuyers are leaving expensive coastal cities for more affordable places

Homebuyers are leaving San Francisco, New York and Los Angeles more than any other metro in the country. That’s based on net outflow, a measure of how many more Redfin.com users are looking to leave a metro than move in.

Pricey coastal job centers are typically among the metros homebuyers most commonly leave. That’s largely because buyers are often looking to relocate to places with more affordable housing, something that has become more feasible with the prevalence of remote work. It has also become more feasible to move to beachy vacation towns: Homebuyers leaving Washington, D.C. are most commonly moving to the Salisbury, MD metro and those leaving Boston are most commonly moving to the Portland, ME metro.

Top 10 Metros Homebuyers Are Leaving, by Net Outflow

Net outflow = Number of Redfin.com home searchers looking to leave a metro area, minus the number of searchers looking to move in

Rank

Metro*

Net Outflow, July 2023

Net Outflow, July 2022

Portion of Local Users Searching Elsewhere

Top Destination

Top Out-of-State Destination

1

San Francisco, CA

27,100

38,700

24%

Sacramento, CA

Seattle, WA

2

New York, NY

24,500

25,200

29%

Miami, FL

Miami, FL

3

Los Angeles, CA

20,800

32,700

19%

Las Vegas, NV

Las Vegas, NV

4

Washington, D.C.

15,100

18,600

19%

Salisbury, MD

Salisbury, MD

5

Chicago, IL

5,200

2,300

17%

Milwaukee, WI

Milwaukee, WI

6

Boston, MA

4,600

9,900

21%

Portland, ME

Portland, ME

7

Hartford, CT

3,400

600

79%

Boston, MA

Boston, MA

8

Seattle, WA

3,100

12,500

19%

Spokane, WA

Phoenix, AZ

9 (tie)

Denver, CO

2,100

4,500

35%

Chicago, IL

Chicago, IL

9 (tie)

Detroit, MI

2,100

5,000

26%

Grand Rapids, MI

Cape Coral, FL

*Combined statistical areas with at least 500 users searching to and from the region in May 2023-July 2023

To view the full report, including charts and methodology, please visit:

https://www.redfin.com/news/housing-migration-trends-july-2023

Posted On Sunday, 27 August 2023 06:51 Written by
Posted On Wednesday, 30 August 2023 00:00 Written by

Have you ever observed a professional colleague, a friend, or a leader whom you admire, confidently facing uncertainty without any apparent fear? The phrase “fearless leader” must have emerged in our vocabulary for a good reason, don’t you think? Truth be told, those individuals aren’t fearless — no one is. What they have done is mastered the feeling of fear, which has unlocked their innate ability to see disruption and change as an opportunity more quickly.

As I have noted over the years of working with many clients around the world, one common thread that ties humans together in this world of rampant disruption and change is that we all find it unpleasant in many ways. Above all else, from executives down to entry-level employees, everyone finds disruption and change frightening in some fashion.

What fear can often do to us is cloud how empowering and full of opportunity disruption and change actually is, and while I teach many individuals about utilizing Hard Trend future certainties to pre-solve problems and make low-risk moves, there are just as many stuck on the feeling of fear.

Today, I want to show you how you can utilize that same Hard Trend Methodology implemented to anticipate disruption and change prior to it occurring, but also to overcome the feeling of fear by recognizing it as a fully predictable cycle!

This really puts the power in your hands — this knowledge that everyone within your industry and outside of it will experience this same disruption and change, with you seeing it coming and forming an Anticipatory action plan around it.

The Origins of Our Fear of Disruption and Change

What is the real reason behind us as a human race fearing disruption and change? The answer lies deep within the subconscious mind. Back when human beings were still hunters and gatherers, the fight-or-flight response was necessary to basic survival. From finding food, warding off predators, and finding shelter, everything was about survival.

While humans have certainly come a long way since these primitive times, the fight-or-flight response and our roots in survival are still solidly ingrained in our subconscious mind. This explains, in simple terms, why our first thought in relation to disruption and change is fear. A change in our professional or personal status quo represents to us, now in a more contemporary way, that our daily survival tactics may be threatened.

For instance, AI disrupting your career may trigger a fear that you will lose your job to said technology, resulting in loss of income and potentially the loss of your home, transportation, and so forth.

But with disruption and change comes the ability for us to create disruption and change in an offensive strategy. Adaptation and change are inherent strengths of humans, setting us apart from digital applications and other material forces. These abilities empower us in unique ways.

Worrying that AI will replace you in the workforce is akin to the concerns of people in the past who feared the impact of desktop computers and laptops. However, as history has shown, we have successfully adapted to those digital disruptions. Today, these technologies are indispensable in both our personal and professional lives, yet we remain resilient and continue to thrive even in their presence.

A Mastery of Cycles Helps Us Adapt

The reality of fearing disruption and change is that we can fully anticipate exactly how disruption and change feels to us as individuals. In lieu of this introspection, we can more quickly go through the common stages of fear and center ourselves so well, we will eventually be able to skip our fear entirely!

This is made possible by realizing that the stages of fear are a cycle, much like a biological cycle, product cycle, and even cycles in nature, such as the future certainty that the seasons will change every year. We have all experienced fear and anxiety, and the following four stages are exactly how that feeling works through our psyche in the face of disruption and change:

  • Initial Shock
  • Frustration
  • Acceptance
  • Mastery

 

Let’s look at them from a more pragmatic standpoint, where we start to see that the cycle of fear itself is a Hard Trend future certainty that we can anticipate and overcome. This removes fear as a roadblock and essentially clears the way for us to focus instead on leveraging the disruption and change in front of us.

Initial Shock is the first stage. This is where the fight-or-flight response comes into play and people fear where their business or work position is headed.

Then comes Frustration, the second stage of fear. Prior to any disruption, people are comfortable in their status quo. After disruption and change occur, those disrupted must learn new skills, which can be frustrating.

The third stage in the cycle of fear is Acceptance. At this stage, people know the disruption has arrived or they have begun to leverage it to their advantage, witnessing positive results.

Mastery of the disruption or change is the final stage in the cycle. At this point, everyone has fully accepted what has changed, learned all about it, and is likely starting to use it in their daily lives.

By acknowledging and understanding that these four stages of fear occur every time we face disruption or change, we can Anticipate the feeling of fear that comes with it and move past it to find the opportunity within the disruption.

Use the Excitement of Learning to Turn Disruption into an Opportunity

We as humans have a thirst for knowledge. Similar to fight or flight, our craving to always know more is a biological response. We develop biologically all throughout our lives, and as such, we crave new information. We want to know more. We want to know everything.

Overcoming fear and learning to process that sensation more quickly allows for more room in our emotional existence to soak up all the great opportunity that comes from an ever-evolving world instead of avoiding it or trying to ignore it.

Leverage this excitement for knowledge to learn more about disruption and change so you too can help it blossom into opportunity and advantage, both personally and professionally. In turn, you become the fearless leader that others look to emulate. Train yourself to embrace disruption and change as something positive, and before long, you will be the positive disruptor of your industry!

Discover the future of AI and its transformative potential! Visit www.aiStrategyReport.com now to download the comprehensive AI Strategy Report and stay ahead in this fast-evolving landscape. Empower yourself with valuable insights and make informed decisions to unlock new opportunities. Don’t miss out on this essential resource – take action today and embrace the AI revolution!

Posted On Thursday, 31 August 2023 00:00 Written by
Posted On Thursday, 31 August 2023 00:00 Written by
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