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Researchers at RBI partnered with GMU to look at and forecast recent movers and their housing choices using data from 2008 to 2010. The biggest finding was that although in the United States people move less, in the DC/Baltimore region people move more than anywhere else in the country. They attribute this finding to the “better than normal” job market in the region. – more after the jump –
Specifically, these “in-migrant” moves occur within the region but mostly from one suburb to another. The movers are typically younger, minorities, have lower incomes, and rent rather than buy. In fact, 72% of all the people in the region that moved between 2008-2010 moved into a rental. The prediction is that moves across the country will pick up as the job market improves and people have more options for work and housing. In other words, mobility throughout the DC/Baltimore region will slow.
So what does this mean for you, the home seller? Perhaps you’d be more successful by renting out your home. But you don’t have to do this on your own. Many Realtors offer solutions for struggling home sellers. Let us know if you’d like some information on our special move-up programs – we can get you out of your existing home and into a brand new home with ease, GUARANTEED!
What does this mean for you, the home buyer? You might be in luck. Because few movers are buying right now you may be able to score a great deal!
And finally, what about you, the renter? You’re not alone. Since you’re competing with over 70% of the people moving in this region, maybe you want to clean up your credit to make yourself more desirable to landlords. We actually wrote a blog about the 7 unhealthy credit habits you need to stop today. Check it out here! And if you’re ready to move now, we’ve got lots of rentals you can look at them here!
If you want more to know more about this report from the experts, you find that information here.
Have you made a move recently? Tell us about your experience in the comments section.