Industry news from NAR

The National Association of Realtors does a profile of home buyers and sellers once a year. As long as you keep in mind that the numbers are aggregated over our rather large country, there are still insights to gain. For instance, 49% of buyers say that the quality of the neighborhood is the most important factor in determining location. But quality is a subjective measure, at least as stated here. So, as long as the buyer is buying into more neighborhood amenities than they previously had, they will have a favorable view of their new neighborhood.

People also like to live near ‘their people.’ This makes sense on so many levels. It is easier to get together over a beer and a BBQ on the weekends. It’s easier to drop off the kids if you are in a pinch for a sitter. It’s easier to run a traveler to the airport or the elderly to a doctor’s appointment. People want to live near their people.

The Covid effect shows up in this next slide. Due to the opportunity for remote work, buyers had the opportunity to move further away from their present location. The distance people moved from their old house to their new house jumped from 15 miles in prior years, to 50 miles in 2022. The cabin is no longer a getaway- it’s the main residence.