California as a whole has experienced negative net migration, meaning more people are leaving California than are coming to the state. This trend could impact the real estate market, and today I’ll discuss how.
It certainly does indicate a mass exodus, but it also means that there are a lot of buyers who are looking to purchase your home—you may just have to market your property a little differently.
For example, many of the people who live in San Jose and the peninsula are looking for a lower cost of living and better schools. A lot of these people are renting in South Bay, so they’re flocking to the East Bay and areas like Fremont, Livermore, Dublin, San Ramon, and even Danville. In essence, they’re moving up, and if you’re looking to sell your home, you need to have those people in your marketing range.
Don’t just market your home to your neighborhood and city. Market it to where the buyers coming from South Bay can see your listing. In fact, many of the agents who represent these buyers don’t even have access to the lockboxes we use out here, but we make it work.
Those living in the Walnut Creek, Concord, Pittsburgh, Pleasant Hill, and Lafayette areas can expect to see an influx of buyers coming from San Francisco or Oakland. Those living in Oakland can also expect a number of buyers from San Francisco.
In the end, to make the most of this trend, it’s important that you consider who your target market is, where they’re moving from, and when you’re listing your home on the market.
If you have any questions about this topic, don’t hesitate to reach out to me. I’d be happy to help you.