According to a recent Wall Street Journal report, less Americans are willing to move for their jobs.
The report found that only 3.5 million people relocated for a new job last year, down 10 percent. However, some Pennsylvania Realtors® are seeing the opposite.
“In the Lehigh Valley area, we actually see a good amount of relocation buyers,” said PAR Treasurer Chris Raad. “There have been new corporate and manufacturing businesses moving into the region, which has attracted many buyers from New York and New Jersey. Main factors that have helped entice prospective job-seekers is a having a reduced cost of living and lower tax base.”
An Allied Van survey found that finding a home was the biggest challenge for people relocating for a job. However, nearly two-thirds of respondents in that survey said they felt positive toward job relocation, perhaps because more than half of respondents were moving for a better job or better salary.
“For some odd reason, I have done more relocation transactions this year than previous years, and with more sellers than buyers. One seller in particular, who had only been in their home a year, called me two weeks ago, telling me that his company had asked him three times in the past year to move again,” said Exton Realtor® Anne Matyjasik. “He had put them off saying that they had just gotten here, kids in school, etc., but that if they asked him again he was going to have to take it.”
“I have had two buyers, both with children in school, so far this year take the transfers, one family from Houston and one from Salt Lake City. I think the sellers are going for better job offers, most within the same company at a higher salary and are fearful that if they don’t take it, they could be passed over for the next promotion, and even lose their position. Some get buyouts and some do not. It depends on their position in the company,” added Matyjasik.
Are you seeing more or less relocating buyers and sellers in your area?