The real estate market is in a state of flux right now, with wider economic uncertainty and the volatility of global events causing a degree of disruption.
In spite of this, it’s still possible to pinpoint a few noteworthy trends which hint at the overarching trajectory that this sector will take in the coming months and years.
The cost of moving, coupled with the number of people who are choosing to relocate to different states, is informative in this context, so let’s go over the state of play and predict how things might pan out.
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Moving quotes remain affordable if you look in the right places
While things like rising fuel prices and general inflation might have resulted in major pricing spikes elsewhere, it’s still comparatively inexpensive to pack up and shift your life to a new location.
The caveat is that to get good value, you must choose firms that are set up for this type of operation. Getting a competitive quote on longdistancemoving.com, for example, is better than going to a provider that usually deals only with local moves.
Comparing quotes from several moving companies is the only way to gauge what’s competitive. And if you’re a realtor looking for recommendations for clients, it pays to keep an eye on moving costs as well.
Volatility is inevitable, but not universal
The pandemic created chaos in many markets, and yet real estate fared well because rates were low, demand was high and property prices skyrocketed as a result.
This trend continued throughout 2021, but took a backward step in 2022, with so-called price corrections experienced in many areas.
This volatility is very much location-specific, with places that saw the largest upswings in housing prices and relocation requests also vulnerable to more dramatic falls. Experts predict that this will remain the reality at least until 2024, at which point the market should have stabilized and steadier price rises are anticipated.
Suburban living is increasingly popular
In the past, when people were relocating for work purposes, they would usually choose to move to an area that was convenient for commuting to their new base of operations.
Today, the rise in telecommuting means that this is less of a priority, so central urban areas are less desirable, while city suburbs are more appealing than ever.
This is perpetuating the trend of super commuting, as employees are less worried about having to travel over 90 minutes to get to work when they only need to do this once or twice a week while spending the rest of the time working from home.
That’s great news for anyone who’s interested in relocating but doesn’t want to be limited in their choice of neighborhoods. Families will no longer have to squeeze into smaller accommodations in cities but can afford to look for more space further afield without working parents needing to make major sacrifices.
Overseas moves are less relevant
Relocating within the US is one thing, but the practice of moving overseas in pursuit of the next step in a person’s career is being impacted in a different way by current trends.
Businesses have been forced to face the reality of remote work, and as such are far more amenable to the idea of hiring team members based in completely different countries, with no expectation that they need to move closer.
All this means that people will still have the choice to relocate, whether domestically or internationally, but that the external pressure to do so will be far lower, giving you the more personal freedom to choose.