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Life events are moving the real estate market

REALTOR® Magazine | Rasheeta Turner

Since the beginning of time, humans have moved from one place to the next. Mass migrations like the Gold Rush of the 1800s and the Great Migration of the 1900s were led by populations motivated by historic events, urgent needs, opportunities, and tragedy. Similarly, COVID-19 was a catalyst for movement. According to U.S. Postal Service data, the pandemic increased relocations in 2020 by more than 94,000 compared with 2019.

Many recent moves have been anything but typical. The National Association of REALTORS®’ 2022 Profile of Home Buyers and Sellers reported that the distance between the home buyers recently purchased and their previous residence, typically about 15 miles, jumped to 50 miles in 2022. Additional data showed that small towns and rural areas had the largest increase in homebuyer activity. What’s driving the change? And how can real estate practitioners pivot to navigate through it?

Read more: Making Big Moves

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