Tired of getting outbid on homes? You might have out-of-towners to blame.
According to a new analysis from real estate brokerage Redfin, out-of-town buyers are bringing significantly larger budgets to the table than their local counterparts. It’s driving up home prices and creating stiff competition for the very limited supply of homes on the market.
What’s driving these more cash-flush buyers to new markets? According to Daryl Fairweather, Redfin’s chief economist, the pandemic — as well as the sweeping remote work arrangements it has ushered in — has a lot to do with it.
“Many homebuyers are now able to widen their searches to parts of the country that weren’t options when they were tied to offices in expensive cities, and the consequences for popular destinations will be numerous,” said Redfin chief economist Daryl Fairweather. “That’s great news for remote workers because their San Francisco salary can buy a lot more in Nashville or Austin than the Bay Area.”
