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Seattle Remains No.2 City for Relocation, Despite Remote Work Options
View of I5 South with the Tacoma, Portland, Bellevue and Spokane directional sign
Much work in 2020 has shifted from high rises and board rooms to home offices and video calls. While some employees are itching to get back to the office and resume business as usual, it was initially believed that another subset of Seattle’s sizeable tech force was considering life outside the city.
This prediction was cause for concern at the start of the pandemic, as numerous industries contemplated what would happen if work and home life migrated beyond the urban centers of Seattle and the Eastside. But data from United Van Lines, which is reportedly the biggest moving company in the U.S., reveals that Seattle is its number 2 destination in the country (the top destination is Washington, D.C.)
According to United Van Lines’ metrics, Seattle has continued to grow during the pandemic. For every two people that leave the city, three move in. This is likely due to the numerous employment opportunities available here in the region, and the many lifestyle benefits of our region.
According to United Van Lines, about a quarter of Seattle’s new residents are moving from California; the city is also popular with former New Yorkers who appreciate that the cost of living is less expensive than New York City.
However, some Seattleites may be tempted to make a life for themselves elsewhere.
A program in Tulsa, Oklahoma is reaching out directly to remote tech workers, enticing them to move with the promise of an average home price of $137,000. The program also includes an added benefit of $10,000 in cash and access to a co-working space. (A similar program in Arkansas also gives participants a free bike.) Prospective Tulsa residents must apply for the program, but those who are accepted seem generally excited to put down roots in an area where the barrier to home ownership isn’t as high as Seattle.
Despite this, Seattle still remains a popular destination for relocation, between the numerous high tech job opportunities and the natural benefits of life in the Puget Sound. It’s clear that the city has a lot to offer those who would make their home here.
This article was originally posted on KUOW by Joshua McNichols, and on GettheWReport.com
Buyers Are Finding More Space in the Luxury Home Market
A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.
The Institute for Luxury Home Marketing (ILHM) explains:
“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.
For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”
This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:
“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”
For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:
“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.
Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”
Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.
Bottom Line
If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.
