Hello title readers,
Last week Zillow released a survey showing that millions of buyers will enter the housing market in 2021 — a result of both age demographics and what the company called "the Great Reshuffling" as people are empowered to work remotely.
The Zillow report shows an uptick in movers to the South over the past year – specifically, to the Sun Belt cities of Phoenix, Charlotte, and Austin. Inversely, their data showed for-sale inventory climb the highest in four major real estate markets – Los Angeles, Chicago, San Francisco and New York.
"More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going – especially from more expensive, larger cities farther north and on the coasts," said Jeff Tucker, Zillow senior economist.
That migration is surely influencing the largest title companies to expand their presence in these areas. The latest is Stewart Title, which announced today that it acquired Prima Title in Santa Fe, New Mexico. Ryan Swed, Stewart Title senior vice president, said that the addition of Prima Title fits the company's larger strategy of strengthening their foothold in markets in Southwest states such as New Mexico, Arizona and Nevada.
In addition, Stewart recently announced the hiring of a new group vice president, Ana Villela-Murillo, for the Southeast, as well as a new senior vice president, Peggy Sue Lane, covering southern California, Nevada, and Arizona.
One year into the remote work revolution, sunny, non-coastal markets look like they have real staying power.
Until next week —
Sarah Wheeler
HousingWire Editor in Chief
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