Redfin Survey Finds 1 in 10 Home Sellers Are Moving Because They’re Being Called Back to the Office
- 10.1% of U.S. home sellers are relocating due to return-to-work policies
- 19.3% of respondents want to relocate to a place aligned with their social views
- 33.8% desire more space
- 22.6% want to be closer to family
- 21.6% seek a lower cost of living
- Some sellers may have to sell at a loss due to back-to-office mandates
- High mortgage rates eat away some of the benefit of relocating to a less expensive place
The most common reason respondents gave for relocating was the desire for more space, being closer to family and a lower cost of living
That’s according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. The survey was fielded to 5,079
In
“My sellers both work at the same company, which told them they have to be in the office three days a week or they’ll lose their jobs. They have six months to make the move,” Pendleton said. “They'll probably have to take a
Roughly 1 in 5 Respondents Cited Social Views, Taxes, Crime as Reasons for Move
With mortgage rates near the highest level in over two decades, there aren’t a ton of people selling their homes, meaning many of those who are selling are doing so because they don’t have the luxury to wait. But the results of Redfin’s survey show that movers today are still considering factors including climate change and social issues when deciding where to live.
Nearly one in five (
Also notable: one in 10 (
“Real estate is all about priorities and compromise,” said Redfin Chief Economist Daryl Fairweather. “While a lot of homeowners are staying put, refusing to give up their rock-bottom mortgage rates, some are opting to trade their low rate for a safer neighborhood, lower taxes and/or neighbors with the same political views.”
The desire for more space is the most common factor driving people to relocate, with one-third (
Many of the people who are moving today want homes that are bigger and less expensive. While those two pursuits may seem contradictory, some house hunters are achieving both by moving somewhere that’s more affordable. Of course, high mortgage rates are eating away some of the benefit of relocating to a less expensive place, with the average 30-year-fixed mortgage rate now at
To view the full report, including charts, please visit:
https://www.redfin.com/news/moving-return-to-office-survey-2023
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a
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Source: Redfin