A few weeks ago I published an article about current residents leaving California at a rate of 250,000 per quarter. The cost of homes, heavy traffic, and high taxes and gas are driving Californians to reassess their shelter choices, now that “work from home” is probably going to be an option for most workers. At some point, California is going to need to draw back from their excessive commitments to government spending that is making the state unaffordable for so many. As always, CoreLogic brings incredible insights on these movements. I received permission from them to share the article below that shows what is happening:
CoreLogic® delivers a robust suite of collaborative real estate solutions and accurate property insights that give real estate professionals the tools to help buyers and sellers find the communities they belong to.
For many people around the world, Los Angeles, California is an attractive place to live. Aside from the California economy which ranks similarly in size to the economy of France, there is the alure of the celebrated LA lifestyle and a climate that can ofer surfng and snow skiing in the same day. That said, LA has its share of problems, including high housing costs, gridlock trafc, and high taxes. As a result, many LA residents have decided to leave for other places.
A home is usually the highest value asset in a person’s portfolio. Take time to think about the value of your home, your total cost of living, the impact taxes have on your income and property and determine if staying put or moving elsewhere might be a good fnancial decision. CoreLogic and your real estate agent are here to help.
The decision to relocate is not as straightforward as many people might think. According to Dr. Frank Nothaft, Chief Economist for CoreLogic, “Although interest rates are low, escalating home prices are negating the savings for many Americans.” Working with a real estate agent is a great place to start if you want to fnd a neighborhood that is a better ft for your needs or consider relocation to a new state. Real estate agents have access to software and data from CoreLogic that is not available to the public. Our superpower is taking massive amounts of housing data and delivering it to you in an intelligible way.
With the opportunity that many Americans have to live anywhere and work from home, a new form of migration is happening. At the center, CoreLogic is delivering insights and market trend analysis to home buyers and sellers though a new solution called OneHome™, CoreLogic’s interactive A.I. enabled collaboration portal that can only be accessed through your agent. OneHome transforms the homebuying experience—empowering virtual collaboration between agents and their clients—all backed by CoreLogic’s massive housing data. Powered by
Matrix™, CoreLogic’s multiple listing platform, OneHome revolutionizes the homebuying experience and connects homebuyers, agents and sellers like never before. And OneHome is free for you to access.
When you decide to move, nearly every step in the process is touched in some way by CoreLogic data. CoreLogic’s tax record data, automated valuation tools, home sale trend data and records on current property listings are instrumental in supporting real estate agents and brokers pricing a home for sale. But we are more than a data company. CoreLogic uses data to unlock insights to inform the best possible decisions. Home buying and selling has become an exciting new experience.
In Los Angeles, one of the marketplaces where real estate agents list homes is the California Regional Multiple Listing Service (CRMLS). CRMLS is a CoreLogic client and the largest multiple listing organization in the nation, serving over half of the real estate professionals in California. Real estate home buyers and sellers working with a real estate professional in Los Angeles should request access to OneHome for robust and timely property alerts and sales history. Using the OneHome collaboration tools, preferences allow you to filter and rank properties with the features that are most important to you. Your real estate agent can help you price your home or research the value of a property you may want to buy by looking at recent comparable sales in the area.
Imagine living in a new state with a similar sized property for a fraction of California prices. For that reason and others, Texas is attracting many California transplants. The benefts of living in Texas include no state income tax, lower housing prices, a strong job market, and good transportation. Matrix powers the multiple listing organizations in nearly all major Texas cities, including Austin, Dallas, and Houston. OneHome can also be accessed through agents in Texas where CoreLogic multiple listing and tax data is also available.
Don’t like Texas? Other states benefting from the California exodus are Arizona and Nevada. These states ofer similar tax benefts to Texas, lower cost of living, and warm (some might say hot) climates.
CoreLogic data is delivering enhanced information and providing more actionable insights that inform the best buying and selling decision for Los Angeles residents relocating locally or moving out of the area. When you start the process of working with your real estate agent, be sure to ask them for CoreLogic property reports and access to OneHome. You will be glad you did.