The number of people who changed residences in 2012 increased by 12% since 2011, up from a record low of 11.6% in 2011, according to recent U. S. Census Bureau estimates. Mobility is still at low levels, even for the most mobile age group, 18-29 year olds. The most common state-to-state moved were regional in nature. Some 59,288 residents moved from N. Y. to Florida in 2012, while 58,992 moved from California to Texas and 49,635 moved from California to Arizona. More people moved out of metropolitan areas and into the suburbs. Between 2005 and 2010, 15.5 million people moved out of principal cities while 11.0 million moved in – a decrease of 4.4 million movers.
U. S. population of every state, county and city is determined by: (1) total number of births, (2) total number of deaths, (3) total number of immigrants from other countries and (4) NET DOMESTIC MIGRATION. The Census Bureau defines migration as a move that crosses juridictional boundaries, even one county to another is domestic migration. This information from Dr. Mark Dotzour at the TX A&M Real Estate Center. In my opinion, states that have positive net domestic migration are states that are creating jobs and have a brighter outlook for economic growth. These are areas that more people move into that out of. 2012 numbers show: (1) Texas with 140,888, (2) Florida, (3) Arizona, (4) Colorado, (5) Georgia and (6) Nevada. All have lesser numbers than TX. States with negative net domestic migration in 2012 are (1) New York with -115,754, (2) Illinois, (3) California, (4) Ohio, (5) Michigan and (6) Connecticut. The Real Estate Center’s website gives more at http://blog.recenter.tamu.edu/2013/04/states-love-migration/
(1) You’re buying your 1st home. OLD RULE: mortgage rates are so low you need only a small payment. NEW RULE: put down as much as you can like 20%. The biggest barrier today is 1st time home buyers NOT saving enough for a down payment. (2) You’re buying a bigger home. OLD RULE: don’t sell a home for less than you bought it for – period. NEW RULE: do your math. Your $100,000 home is now worth $75,000. You want to buy a $200,000 house that is now $150,000. That means taking a $25,000 hit on the sale of our present house, but a $50,000 gain on the 2nd home. With interest rates LOW, you will come out better in years to come. (3) You’re selling a home. OLD RULE: once the market bottoms, hold out as long as you can to net the most price appreciation. NEW RULE: put your home on the market in the spring. If you really want to sell, spring is the season. Sale prices begin to drop as the season wears on and in the fall and winter you may get less money, even if prices go up. Article written by Kate Rockwood and in the Sunday, April 14, 2013 PARADE in the Tyler Paper. Many more details in the 5 page article.
Although 55% of home buyers in the “What Home Buyers Really Want” report prefer a new home, only 8% of homes purchased between 2009 and 2001 were new, but fewer new homes built during that period. The new homes were bigger and more expensive than other homes on the market. The new home buyer, although the same age as all buyers, is earning about 25 more money. About 2/3 of new home buyers are married & 2.79 people in their household. About 1/2 of them pay for their down payment with their savings. New home buyers are more concerned about how the home & neighborhood look. The share of home buyers purchasing a home for the 1st time is 46% – highest since before 2001. First -time home buyers earn about 8% less than all home buyers & pay about 25% more for a house. The first- time homebuyers’ home is about 400 square feet smaller than the median size of the trade-up buyer’s home. Price is definitely a factor in first-time homebuyers decision + schools. More in this report from American Home Shield survey. AHS is a home warranty provider as are other companies. Just let us know what other information you need at our e-mail address: RealEstate@theBains.com