I'm not normally a fan of national statistics about real estate as they tend to create confusion or become more or less irrelevant but there is some information in the below artice from a New Englad Real Estate Comapny and blog source, Keeping Current Matters, that I think offers some actual relevance.
When or why someone will move is fairly universal, so the reasoning and percentages of people who fall in these categories is likely applicable to you. More important is the year over year value changes of real estate in different states around the country. Within any given price range, property type and city of a state the numbers aren't so relevant but for comparison sake on overall values, it can help you see if postponing or making that move to or out of any given state makes more sense and an overall comparision between states for value changes.
Again, keep any specific city or neighborhood value separate as these vary widely. By some statistics you can see or say that California is still 14% below peak pricing levels, but then other statistics will show you that most of the Bay area prices are 10% over their prior peaks. We have similar stories and variations in the Seattle marketplace. I thought you might like this simple map for comparative ideas, maybe to help you plan your retirement or future employment destinations.
Posted: 16 Mar 2015 04:00 AM PDT
A recent Demand Institute report revealed “nearly half of all American households plan to move at some point in the future.” Seventy-five percent of those surveyed in the report cited one or more ‘location-related reasons’ for their eagerness to move. Here are the top 5 reasons:
1. Safer Neighborhood – 30%
2. Closer to Family – 27%
3. Change of Climate – 26%
4. Closer to Work – 25%
5. For a New Job – 23%
While the majority of Americans (74%) will move within their home state, for the 26% planning to call a new state home, it is important to know that prices in each state are appreciating at different rates and waiting to buy or sell your home could cost you more in the long run. The map below was created using the FHFA’s latest Home Price Index and shows year-over-year price gains in each state.
If your plan for 2015 includes relocating to a new state, meet with a local real estate professional in that area who can help you find the best fit for you and your family’s needs.