In its 2020 Hottest Cities for Homebuyers report, CoreLogic found affordable coastal metros to be the most popular, posting the highest in-migration levels for the year. That growth in coastal markets, such as Tampa and Lakeland, Fla., contrasts with a decrease in population for dense, urban areas such as New York and San Francisco. CoreLogic’s principal economist says remote work, low interest rates, and increased financial savings created the perfect recipe for consistently employed Americans to relocate. Affordability and coastal living were just two factors that drew buyers into CoreLogic’s top in-migration metros. Those areas also offer lower property taxes and no state income taxes.
Residential Migration Insights
The busiest months for relocation were between April 2020 and December 2020, according to the report. Home loan applications for purchases rose 11% in 2020 compared to 2019. An April 2021 CoreLogic consumer homebuyer study showed an increase in confidence in purchasing power, as well. Ninety percent of U.S. homeowners and renters surveyed said they were somewhat or extremely likely to qualify for a mortgage. Bank loans (38%) and savings (81%) are the primary sources respondents noted they would use to purchase a home. A strong 84% of consumers noted they had been able to save more income to purchase a home due to the pandemic and stay-at-home orders, with nearly half saving 11% or more of their income.
Agent Technology Insights
The report notes that technology played a major role in 2020 homebuying activity. Easy access to virtual meeting spaces, 3D and premium imagery and online customer experiences contributed to the willingness of homebuyers to move to farther away ZIP codes and even across state lines. Scott Little, Executive, Real Estate Solutions at CoreLogic, says agent adoption of its digital marketing tools and online homebuying services rose sharply in 2020. “Agents have benefited from CoreLogic’s integrated digital platforms and marketing services that enable faster, more intuitive ways for their clients to find and sell their dream homes,” Little said. With CoreLogic, agents can provide their clients with everything they need to know about the properties, communities, schools, and local service professionals in areas that were miles away, making big moves across longer distances easier.
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