Job markets matter to home buyers, but not as much as you think.
According to a new research from Trulia, the popular real estate search site, long-distance moves are more commonly motivated by affordability and warm weather than a strong job market. Here’s some interesting support data:
- Three times as many people in Minneapolis – St. Paul (6.2 percent unemployment) are looking for homes in Phoenix (8.5 percent unemployment) than in the reverse direction
- Five times as many people in Chicago (9.8 percent unemployment) are looking for homes in Riverside–San Bernardino (13.2 percent unemployment) than in the reverse direction
- Seven times as many people in Washington D.C. (5.9 percent unemployment) are looking for homes in Orlando (10.3 percent unemployment) than in the reverse direction
If Trulia’s research rings true, it’s a platter of good news and bad news. The good news is if you live in a smarting job market, it shouldn’t negatively affect the number of new leads from out of town. The bad news, of course, is you can’t control the weather.
But if you’re so lucky to live in a market with a desirable climate, offer buyers numerous ways to exploit the climate. Put great emphasis on outdoor spaces prime for entertaining and relaxation. Make sure your home features plenty of large windows to let in the sunshine and breeze. Invite buyers to live outside of their home if that’s really what motivated their move.