Americans are on the Move!
Is it Time to Look for a New Home?
Now that the economy has begun to stabilize, people are ready to move into new homes. 5.4% more households have moved this year than last year and an estimated 36.5 million people moved in 2012, up from 25.1 million in 2011. Enjoy the flash video below – just click to play and learn why Americans are on the Move!
During the recession, American mobility — the rate at which we move between states, counties, and even neighborhoods — had fallen to record lows, which was both a reflection of economic troubles and a hindrance to recovery. But new data released by the Census Bureau shows that trend beginning to reverse, at least in the short term.
How frequently people move may not seem particularly significant, but it has major implications: Geographic stagnation is closely linked to economic stagnation. During tough times, Americans have historically set off for geographic areas with more jobs and other economic opportunities. In recent years, however, the real estate market hasn’t cooperated: Folks were not only struggling to sell homes, but with so many homes underwater, many can’t even think of selling.
Time will tell where the economy is heading longer term but one thing for sure is that the Real Estate market has stabilized and people are ready to move! Inventory remains low, mortgage rates are still at historical lows, and home prices have increased steadily in recent months.