Home buyers who moved to Austin during the pandemic paid an average of 7.8% above asking price, versus 3.7% above asking price for local residents

SEATTLE, July 26, 2021 / PRNewswire / – (NASDAQ: RDFN) – People who have moved into the Austin Territory are paying an average of 7.8% above the asking price for their home, while local buyers are paying an average of 3.7% above the asking price, according to a new report from Redfin (www.redfin.com), the technology-driven real estate brokerage company.

Redfin logo (PRNewsfoto / Redfin)

The typical house used by outsiders in. is bought Austin sold for $ 470,000, against $ 447,500 for locals. Non-residents also tend to buy more expensive apartments right from the start: the typical list price for a home bought by non-residents is included $ 439,900, against $ 425,000 for locals. Migrants also have higher down payments than locals, with a median of $ 111,500 against $ 83,725 for locals.

Out-of-town homebuyers can typically pay more than locals in popular migration destinations as they often move from more expensive areas. In Austin, the seventh most popular destination for Redfin.com users looking to move, the typical house being sold for $ 485,000 in June. Even though Austin Home prices have increased 43% in the last year, they are still significantly cheaper than that $ 1.59 million average selling price in San Franciscowho have favourited the top origins of the people living in the Texas Capitol.

“People moving in Austin Out of town usually come in with a lot of money by selling houses in expensive west coast cities – particularly in the Bay Area, “the Austin Redfin agent said Andrew Vallejo. “And those of them who can work remotely often come on the west coast on high salaries too. They usually have much more purchasing power than locals and can afford to look for bigger, more expensive homes and ultimately buy them. “

The proportion of home buyers moving to other metropolitan areas has increased over the past year as teleworking gives people the flexibility to move.

The report is based on a Redfin analysis of migrants versus local home buyers July 1, 2020 through June 30, 2021 in 11 popular US migration destinations.This analysis shows that migrants are buyers who have searched online for apartments in a different metropolitan area than where they bought them.

The story goes on

Home buyers are following suit Boise pay an average of 2% above the asking price, while the locals pay below the asking price

The story is similar in Boise, ID, another destination that has grown in popularity with out-of-town home buyers since the pandemic began. The net inflow of Redfin.com users into Boise (Number of home buyers looking to move to the metro region minus the number wanting to leave) has doubled since the pandemic.

Home buyers move into the Boise Metro pay an average of 2% above the asking price for their home, while local buyers pay an average of 0.2% below the asking price. The typical retail price for migrants coming to. draw Boise is $ 448,000, against $ 439,250 for locals. And outsiders have a larger average deposit: $ 92,000 against $ 57,275 for locals.

As in Austin, House prices in Boise have increased in the last year and increased year-on-year by more than 40% to a median of $ 475,000 in June. This is mainly due to the fact that foreigners move in from expensive cities on the west coast. But even with the sharp rise, the typical home still sells for almost $ 400,000 less than your typical home in The angel ($ 828,000), the top origins for people who move there Boise.

In almost all of the most popular migration destinations, non-residents have higher down payments and pay higher premiums than the offer price

Migrants had higher down payments than locals on all subways included in Redfin’s analysis. In all of the subways in this analysis, migrants bought more expensive houses than locals, except Las Vegas, Tampa and Cape Coral, Florida, and migrants paid a higher premium than natives everywhere except Miami and Cape Coral.

Redfin also analyzed data on the difference between migrants and locals when it comes to winning rates in the bidding war, escalation clauses, and funding and inspection risks. In none of the subways included in this analysis was there a statistically significant difference in the supply win rates of migrants versus natives; whether potential buyers are migrants or locals, they have a similar chance of winning a bidding war. Insufficient data is available on escalation clauses and funding and inspection risks to draw meaningful conclusions.

To read the full report, please visit: https://www.redfin.com/news/out-of-town-buyers-expensive-homes/

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate agent, iBuyer, lender, title insurer, and home renovation company. We sell houses for more money and we charge half the fee. We also run the leading real estate agent site in the country. Our home buyers see homes first on on-demand tours, and our credit and property services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our home renovation team fix their home to sell it for the highest dollar. Since our introduction in 2006, we have had more than $ 1 billion at commissions. We serve more than 95 markets in the US and Canada and employ over 4,100 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin ‘s press release distribution list, email press@redfin.com. To view the Redfin press center, click here.

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SOURCE Redfin

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