There are not many things that haven’t changed in the past year, and why people are choosing to move is no different. The impact that the pandemic has had on how we live, work, and learn has resulted in many evaluating their current living situation and ultimately deciding to move.
But why? We take a look at the top 5 reasons people are moving right now:
1. Working Remotely
Remote work is without a doubt one of the main reasons people are moving right now. Remote work is a new normal for many businesses, and it’s lasting longer than most expected. And in some cases is becoming the new normal. People are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits, or have the flexibility to move closer to family and friends.
2. Working Remotely, Part 2
Some people who are working from home are quite happy living where they are and don’t desire a move to a new home. They may however be a little tired of working from a spare bedroom or a small corner of the home that lacks privacy. The reality is that for some people, working remotely in their current home is challenging due to its design, causing them to explore other options that better fit their family’s space needs.
3. Record-Low Mortgage Rates
We would be remiss if we failed to mention historically low mortgage rates as a top reason why people are choosing to move despite an uncertain economic climate. In fact, throughout 2020 and into 2021, the average interest rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall further below 3%. Low mortgage rates represent real savings and can be just the motivation people need to move if they were already considering it.
4. Room to Breathe
While some people are moving to get more living space inside their home, others are moving to get more space outside of their home. Nothing helps you to appreciate outdoor space more than being forced to stay at home! And now people are realizing they enjoy the extra space and are looking for less densely populated neighborhoods and homes with bigger yards.
5. Rethinking Renovations
While we all know that the open floor plan has been wildly popular for decades, it seems that it isn’t the best design when it comes to desiring some privacy or space to concentrate. (See #2 above.) Or perhaps you love the layout of your home, but spending so much time in it has caused you to see all of the things that need to be fixed or updated. The thought of renovating (or even finding someone to do it!) can be overwhelming, and many are choosing to move instead.
At Ohio Real Title, we are proud to adapt as necessary to make the real estate transaction process easier and more efficient during these unprecedented times and into the future. We provide calm where sometimes it doesn’t exist.
Contact us today to learn more about our service offerings or our home closing technology that allows an efficient and easy process for your real estate transaction.