Why the Rise in Relocation?
Surprisingly, home sales hit record-breaking highs in the last quarters of 2020 thanks to low mortgage rates, more opportunity to work from home and quite frankly, we believe spending more time at home helped buyers realize what they really need and want in a house.
As for interest in leaving the city, that began even before COVID-19. As far back as 2016, Brookings Institution research found that population growth in U.S. cities had declined while the population in the suburbs was growing. Now the idea of less crowd and more open space seems even more appealing as people consider not only the suburbs but rural areas like the Adirondacks as well.
Our Top Relocation Questions, Answered
With decades of experience, we’ve answered more real estate questions than we can count. But when it comes to relocation, many of the same ones arise. Here are some of the most common.
What should you look for when identifying a new location in which to live?
First, consider the reason you’d like to leave your current locale. Is the cost of living too expensive? You don’t like the schools? Prefer a warmer/cooler climate? Whatever the reason(s), look for areas that overcome those challenges and go from there. Once you have location in mind, research the school systems in different areas of town (it’s important for resale, too), crime rates, transportation options, as well as home pricing and lifestyle options including shopping, dining, recreation and more to find the best fit.
At what point should I enlist the help of a real estate agent, and how do I find one?
Right away, particularly if you don’t know the area. Their expertise will be invaluable in helping you better understand the market, what homes/neighborhoods may fit your needs/wants/budget and they’ll be your advocate throughout the buying experience. Look for a buyer’s agent with experience in the locations in which you are interested, and in relocations. Referrals are best if you know anyone in the area. You can also search online but try to be as specific as possible. For example, searches under Adirondack real estate brings up the Merrill L. Thomas website. Identify several options and then interview them to see which you feel most comfortable with.
How do I find the right home with limited time in town?
Again, this is where having the right real estate agent is key. They’ll be your eyes and ears on the ground so to speak. Your agent can email you listings with virtual tour options and photographs and schedule tours of the ones that interest you most when you are in town. It pays to be very specific in what you are looking for, and where you’ll compromise or not, in order to maximize the time spent on homes that are real contenders for you.
Should I sell my current home before I move?
There’s not necessarily a right or wrong answer here, often it has to do with a buyer’s financial circumstances. Should you be interested in purchasing your new home before you sell your current one, you’ll need to confirm with your mortgage loan officer that you are approved for a loan while owning both homes. If not, often buyers will make offers contingent on the closing of their current home. However, keep in mind that if you’re looking in a housing market with low inventory you might be competing with other offers on the home you want. On the flip side, if inventory is low in the area in which you are selling, you might close sooner than you think.
Do I need to hire professional movers?
Using a professional moving company can be of tremendous help in any move, but particularly a long distance one. Removing that stress from your shoulders alone can be invaluable. To ensure you pick a reputable moving company, get multiple quotes and check their licenses as well as insurance. Also declare your high-value items and get a confirmation on delivery date. It may take longer than you think to receive your items!
If you’re considering relocating to the Adirondacks, you won’t find an expert team who knows the area better. We live, play and work here with 75 years of experience helping buyers, sellers and renters find their match. Contact our real estate team at Merrill L. Thomas, Inc today!
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