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      Blog :: 08-2020

      The Top Reasons People Are Moving This Year

       

       

      The Top Reasons People Are Moving This Year | MyKCM

      Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.

      According to Zillow:

      “In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.” 

      With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

      1. Working from Home

      Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

      “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

      If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

      2. Virtual Schooling

      With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

      With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

      3. A Home Gym

      Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

      “For many in quarantine, a significant decrease in activity is more than a vanity issue – it’s a mental health issue.”

      Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

      4. Outdoor Space

      Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

      “People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”

      You may, however, not have the extra square footage today to have these designated areas – indoor or out.

      Moving May Be Your Best Option

      If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

      “Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

      It’s a great time to get more home for your money, just when you need the extra space.

      Bottom Line

      People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, let’s connect to discuss your needs.


       

      Compass Contemplations for Monday

      Good morning,

      Wishing all of those in California, particularly in our Compass family,  well,  who are experiencing a heatwave and wildfires. Death Valley near the border of Nevada recorded a temperature of 130 degrees! 

      DID YOU KNOW? More than 25% of U.S. colleges plan to begin fall instruction fully or mostly online, but many are still opening up their dorms. Some are limiting space to those students with housing insecurity or other hardships. Some, like Washington State University in Pullman, Wash., plan to offer housing to students who fit into a number of defined categories, such as veterans or those with on-campus jobs. Other online-only campuses, like the University of California, Berkeley, say they’re still accepting housing applications. Some may change plans at the 11th hour, as the University of Massachusetts, Amherst, did less than 3 weeks before classes were to begin, with an announcement that it would no longer allow students whose classes are held remotely to move into the dorms. (NY TIMES)

      DID YOU KNOW? Fewer Floridians filed for unemployment last week than any other week since mid-March, a hopeful sign. Leisure and hospitality accounts for 40% of the USA’s long term pandemic unemployment. Destinations Florida showed tourism revenue was down more than 80%. Tourism is roughly a little under 3% of US GDP.....but in Florida, it's closer to 10%. Tourism generated roughly $26 billion in tax receipts in 2018 in Florida which helps fund schools, improve healthcare and supports other government services.

      DID YOU KNOW? Commercial real-estate loans make up around 22% of U.S. banks’ total loans. 
      For the 5 years preceding the beginning of the pandemic, global commercial real-estate investment ran to around $1 trillion a year. We might all wish for a return to the office for this reason alone..... (WSJ)

      DID YOU KNOW? In Hong Kong, CBRE expects a fall of more than 15% in top-tier office rents this year. The combination of political unrest and COVID are driving this. (WSJ)

      Where Did All The People Go?

       

      As I walk the streets of Manhattan, a question I hear asked repeatedly is: "Where are all the people?" This same question is being asked around the globe in larger towns and cities, more so in some areas than others. So I did a little research to help explain this highly unusual moment.....and this is what I discovered:


      1.  Big Cities are often NOT mostly locals.  Most bigger cities attract vast numbers of tourists and visitors, domestic and international. New York City attracts around 60 million people annually......that's around 5 million per month or 160,000-400,000 per day.  Cities like Chicago, Atlanta, Los Angeles, San Francisco, etc also attract huge numbers of visitors and tourists. Miami attracts over 23 million per year. That's a lot of people and most of them cannot or don't want to travel right now.

      2.  Big Cities attract tons of daily commuters. Manhattan alone attracts about 1.6 million workers per day. Many come from outside the city. Most larger cities don't house the majority of workers and these days many are working remotely.

      3.  Big Cities have big colleges and schools......most are shut right now for the Summer and COVID-19 precautions.

      4.  Big City dwellers house many residents with second homes or those who escape for a few weeks in the Summer. They are also out of cities right now.


      Add up the above and it's easier to understand why larger cities around the globe are not quite the same right now. But this will change. It's a matter of time. Not if, but when. Some say things will never be the same again, and I agree with that to a certain degree: Chances are we'll never again take for granted those (sometimes annoying) throngs of visitors, tourists, students, etc that are a critically important part of the fabric of the places we call home.....they are the VOLUME that drives commerce, jobs, growth and LIFE!


      Have a Magnificent Monday!

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