Prospective Buyers Are Expanding Their Search
When there are more buyers than homes for sale, it can be difficult to find a home without compromising on your wish list.
Maybe, for example, you wanted an extra fourth bedroom but have to settle for three. Or you can't find a home with as much outdoor living space as you hoped. Or you're having trouble finding something in your price range.
Expanding your search area is one way to increase the odds you find a place that fits your needs. And a growing number of buyers are doing it.
In fact, according to one recent analysis, nearly 30 percent of potential home buyers have searched outside of their metro area for a home to buy. There are a few reasons for this.
One big reason is the growing number of Americans who are able to work remotely. This has made it possible for hopeful home buyers to move further from work, allowing them to look in neighborhoods and areas that may offer better prices and more choices.
Whatever the case, it's clear that the pandemic and a hot housing market have caused home shoppers to reconsider what they're looking for, and where.