Mobility - July 2021 - 45

Austin, TX
Richmond, VA
Fort Lauderdale, FL
BY KAREN McRAE, SCRP, SGMS-T, SENIOR VICE
PRESIDENT, MANAGING BROKER, CORPORATE
AND CONSUMER BUSINESS SERVICES, HARRY
NORMAN REALTORSĀ®
, ATLANTA
What's ahead in the South? Housing prices are likely
to remain high and supply low for a while. Atlanta,
for example, is ranked sixth for inbound relocations
among major cities, receiving more workers from
Greater New York than anywhere else in the country.
Th is infl ux has in part caused an extreme tightening
of the market for homebuyers. In May, our current
situation was less than one month's inventory in many
areas; multiple off ers; escalation clauses; and removal
of fi nancing, appraisal, inspection, and all other contingencies.
Consumers are buying homes sight unseen
after virtual tours with their agents.
Other Southern and Central Atlantic states are
seeing similar trends. Texas reports a lack of inventory
across all price points. Condos are not selling
as quickly as single-family homes, and commercial
space is " still taking a hit. " However, the state has
benefi ted from companies moving there from the
East and West coasts.
North and South Carolina report a similar market
with " quick closings giving sellers very little time to
fi nd a new home, causing them to rent. " Th ere is a
severe inventory shortage, with sellers " unwilling to sell
for fear they cannot fi nd another home. " Buyers are
also deciding to stay in their existing homes, adding
walls to make offi ces and school spaces.
Kentucky began 2021 with inventory down
almost 50%. Buyers are having to look farther out,
where more listings can be found. A relocation
director reminds that " REALTORĀ®
selection is
critical. Agents must have the time and talent to
navigate today's market challenges. "
In Florida, statistics show that buyers make seven
off ers before one is accepted. Investors are making
all-cash off ers and closing in 21 days. Vacant commercial
property is being repurposed. " Our Regal
Cinema at the beaches is turning into an apartment
complex, " reports one relocation director. Th e
expectation is that this cycle may continue for the
next 12 to 18 months.
Alabama is seeing more bridge loans to enable
buyers to remove contingency situations with origin
homesales. Apprehensive sellers are worried about
fi nding a home to purchase quickly enough. Buyers
are making cash off ers and being extremely fl exible,
meeting sellers' needs.
Many states are reporting buyers allowing sellers
to stay in their homes for 60 days rent-free while
they search for their next purchase.
Tennessee and other states are seeing builders
who want a certain percentage of homes built and
closed before starting others. Sellers are requiring
proof of funds, which may be college funds,
retirement funds, and gifts from family members.
In general, Tennessee is seeing " days of inventory,
instead of months, nonrefundable earnest money,
and well-over-list-price sales. "
Virginia is allowing " walk and talk " home
inspections. Th e buyer brings an inspector for a
brief look at the property and gets an opinion
before an off er is written. Th is takes about an
hour and gives the buyer peace of mind to make
an as-is off er.
In summary, our current market is causing
challenges for corporate relocations as well as local
transactions. Today's restrictions may necessitate
longer temporary housing and storage, along with
other modifi cations in relocation policies to meet
the needs of relocating employees. Working with an
experienced relocation team, with market intel and
established relationships, will help identify solutions
to elevate these challenges.
45
worldwideerc.org
http://www.worldwideerc.org

Mobility - July 2021

Table of Contents for the Digital Edition of Mobility - July 2021

Mobility - July 2021 - Cover1
Mobility - July 2021 - Cover2
Mobility - July 2021 - 1
Mobility - July 2021 - 2
Mobility - July 2021 - 3
Mobility - July 2021 - 4
Mobility - July 2021 - 5
Mobility - July 2021 - 6
Mobility - July 2021 - 7
Mobility - July 2021 - 8
Mobility - July 2021 - 9
Mobility - July 2021 - 10
Mobility - July 2021 - 11
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Mobility - July 2021 - 17
Mobility - July 2021 - 18
Mobility - July 2021 - 19
Mobility - July 2021 - 20
Mobility - July 2021 - 21
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Mobility - July 2021 - 23
Mobility - July 2021 - 24
Mobility - July 2021 - 25
Mobility - July 2021 - 26
Mobility - July 2021 - 27
Mobility - July 2021 - 28
Mobility - July 2021 - 29
Mobility - July 2021 - 30
Mobility - July 2021 - 31
Mobility - July 2021 - 32
Mobility - July 2021 - 33
Mobility - July 2021 - 34
Mobility - July 2021 - 35
Mobility - July 2021 - 36
Mobility - July 2021 - 37
Mobility - July 2021 - 38
Mobility - July 2021 - 39
Mobility - July 2021 - 40
Mobility - July 2021 - 41
Mobility - July 2021 - 42
Mobility - July 2021 - 43
Mobility - July 2021 - 44
Mobility - July 2021 - 45
Mobility - July 2021 - 46
Mobility - July 2021 - 47
Mobility - July 2021 - 48
Mobility - July 2021 - Cover3
Mobility - July 2021 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-july-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-june-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-may-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com