Santa Barbara Experiencing Major Influx of Out-of-town Homebuyers
As you have been hearing from Zia Group recently, the Santa Barbara real estate market continues to be extremely active. As of now, most Zia Group listings are generating multiple offers and extraordinary results for home sellers. In part, this has to do with an ever-increasing number of “work from home” buyers leave urban cities for Santa Barbara.
Lockdowns are influencing housing demand
If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond. These new policies are influencing housing demand in Santa Barbara in a big way.
Remote workers are moving to Santa Barbara
While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.
A recent study from Upwork notes: “Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”
To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.
The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):
Urban flight benefits Santa Barbara home sellers
Ultimately, an influx of out-of-area buyers results in increased demand for Santa Barbara homes. This, paired with our historically low inventory levels continues to drive home prices higher. If you are considering selling your house in Santa Barbara, this is a fantastic time to make your move. Reach out to your Zia Group realtor partner today to receive a comprehensive market analysis for your home. The Santa Barbara real estate market is changing fast – let talk soon.