Getting the best deal isn't everything to prospective homebuyers. In fact, being closer to friends and family was the primary driver for relocating during the past year, a survey of National Association of Realtors members found.
When being able to give more than one answer to the question, Realtors said 30% of their clients were looking to be closer to friends and family. Their secondary motivation was being able to afford a larger home for the same price, at 21%. Taxes and crime were the next most cited reasons, each at 16%.
When isolated to the primary driver of the move, those surveyed said the most common driver among their customers was to be closer to family and friends at 23%, followed by
"Home buyers are placing a priority on getting more bang for their buck, looking to areas with not only more space within their home but also favorable taxes," said Jessica Lautz, NAR deputy chief economist and vice president of research, in a press release. "This migration flow will likely continue as retirees and remote workers relocate."
However, other studies have shown that the baby boomer generation
There are regional differences in the motivating factors for a move. Those who relocated to the West were most driven by being able to afford more home, 24%. The primary factor to those moving to the South did so for lower or more favorable tax rates, 19%. At the same time, the leading motivation for movers to the Northeast was to
"It is no surprise that the Sun Belt states continue to attract movers within the U.S., but this report helps to highlight just how much the draw to be close to one's friends and family drives a relocation," Lautz said. "Home buyers continue to seek areas where their support systems are around them."
The South was the
That trend held true for the other regions. The West was No. 2 at 25% moving to and 30% moving from, followed by the Midwest at 18% and 22%, and the Northeast at 11% and 15%.
This year 36% of Realtor clients moved to a different state. But most stayed intrastate, with 21% remaining in the same city. Meanwhile, 21% moved to a different city in the vicinity of where they were currently living, and 21% moved to another part of the same state. Clients' relocating to the South and West were most likely to be moving from a different state, while in the Northeast, they were typically staying in the same state.
Nearly three-quarters of the repeat buyers sold their previous home, but 20% kept it as either a second residence for an investment property or as a vacation home.
Eighteen percent of Realtors had clients who moved back to an area where they had previously lived. This trend was more common in the Midwest (24%) and West (20%), followed by South, 15% and Northeast, 14%.
Nationwide, while 43% of Realtor clients' moves were not influenced by their jobs because they work remotely, 37% said the client works in the office at least part time. The remaining 20% of those surveyed said they were not sure of the customer's employment location status.
If anything, the overwhelming majority of responses, 95%, said the consumer's move was not related to return-to-office policies.
