Real Estate - Page 2 of 2

New York and San Francisco are seeing the largest number of residents looking to leave the city, according to Redfin.

U.S. homebuyers are looking to flee expensive coastal metropolises such as New York, San Francisco and Los Angeles, and are instead turning their attention to smaller, inland cities, according to a report Friday from Redfin.

Though migration away from major cities has been prevalent for at least five years, the coronavirus pandemic and the increased time spent at home that has accompanied it has exacerbated the trend, the estate agency said.

“People who can work remotely are re-examining where they want to live, and for most of them that means they’re looking at places that are less expensive,” Veronica Clyatt, a Redfin agent in Pleasanton, California, a city roughly 40 miles east of San Francisco, said in the report.

“Everyone wants a bigger house and a bigger yard, and they want to pay less. A lot of people moving away from the Bay Area have had it in the pipeline for awhile, and remote work is accelerating the process,” she said.

Such is the exodus from the Bay Area, that close to a quarter of sellers in San Francisco are having to discount their asking prices to temp buyers, Mansion Global reported this week.

For those looking to relocate to a new metro area, Sacramento, California, was the top destination in July, the report said. More than 50% of people searching Redfin.com for homes in the city last month were out-of-towners.

The net inflow of searches to the city—how many more people are looking to move to the area than leave—hit 8,070, up from 4,497 at the same time last year.

Phoenix and Las Vegas ranked as the next most popular areas for buyers to search for a new home, according to the report.

“It’s a feeding frenzy in Las Vegas right now, with low inventory and tons of interested buyers. We’re seeing mass migration of people from other states moving into Nevada,” Las Vegas Redfin agent Marco Di Pasqualucci, said in the report. “The lack of state income tax, warm climate and the relatively low cost of housing—you can buy a nice home for around $300,000—make Las Vegas an attractive place for people looking to move away from expensive areas.”

New York saw the highest number of those seeking homes outside the city. There, 26,584 residents were looking for homes in other areas in July, compared to 21,692 last year. San Francisco came a close second with a net outflow of 26,247, up from 17,052 in 2019.

View Homes For Sale In Murrieta, CA

This article was first published at mansionglobal.com.

Buyers and sellers must gauge the health of their markets and know when to pounce by tracking key indicators

After months of uncertainty, buyers and sellers are wondering whether housing markets will prove to be resilient this fall. A number of forces could influence the long-term health of the market: The release of pent-up demand after a muted spring season, uncertainty around whether schools will reopen, buyers motivated to move out of large cities hard hit by the pandemic, unusually low mortgage rates, and more.

In the U.S., home prices increased by 4.9% from June 2019 to June 2020, a CoreLogic report found, though the report also anticipated a 1% decrease in prices over the coming year, the first annual decline in nearly a decade.

That drop is relatively mild, given how the pandemic has put many markets on pause, led to mass layoffs, and sparked economic uncertainty globally. Real estate experts say that low mortgage rates, limited supply, and motivated buyers bode well for the upcoming fall season, traditionally a busy time for real estate. In the coming months, buyers and sellers must keep a close eye on transactions to get a sense of the resilience of the real estate market in the wake of coronavirus upheaval.

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This article first appeared on Mansion Global.

If social distancing has you focusing on your property’s flora, we’re here to help with some clever gadgetry that will give you the best looking lawn and garden on the block.

Rachio 3 Smart Sprinkler Controller

Water is the source of all life, and, unsurprisingly, an integral component in keeping your lawn and gardens at their most lovely and lush, but when to water and how much? Leave the aquatic queries to the automated experts at Rachio. The Rachio 3 Smart Sprinkler Controller, which works for eight or 16 zone sprinkler systems, gives users complete, smart device-based control over their watering network, allowing them to call for water on demand or schedule regular sprinklings. Or better yet-let Rachio handle it all.

With its Weather Intelligence Plus system, Rachio can accurately read changes in weather patterns and automatically adjust when, and how much, it will water, saving homeowners expenses and removing the threat of over- or under-watering.

The Rachio 3 Smart Sprinkler Controller is available for $229 (eight-zone) or $279 (16-zone).

Landroid

A properly manicured lawn can be a tricky task, so why not move that burden onto a bot? Landroid, from tool manufacturer WORX, is a grass-eating automaton that is capable of mowing lawns up to a half-acre. Users simply lay a boundary wire around their yard-accounting for obstacles like flower beds-and Landroid takes care of the rest, chopping grass within the defined area, regardless of the weather conditions, and automatically returning to its charging pad when it is done or needs a little boost.

With the accompanying Landroid app, users can activate on-demand mowing, keep tabs on the mowing progress, set a specific mowing schedule, and even get accurate measurements of their lawn.

The Landroid is available for $999 to $1,499, depending on features and mowing area capability.