Many borrowers are moving to get big savings on their monthly payments.

Redfin reports that 25% of home searchers on Redfin.com are looking to relocate to a new metro in Q2 2019—a slight increase from last year. The report states that 24% of Redfin users during Q2 2018 were looking to move. Redfin stated that the national share of home-searchers looking to move has been at the highest level on record since Q4 2018. Redfin’s latest migration stats are a sample of more than 1 million Redfin.com users, searching across 87 metros from April through June. Phoenix was once again No. 1 on Redfin’s list for highest new inflow of Redfin users during Q2 2019. Phoenix was followed by Sacramento, California, and Atlanta, Georgia. Boston, Massachusetts, appeared on the list for the first time at No. 9. “People are increasingly looking to leave expensive coastal metros like New York, San Francisco and Los Angeles,” said Redfin chief economist Daryl Fairweather, "The homebuyers who are heading out of town in search of affordability don’t just want to save a few hundred dollars per month, they want to save thousands of dollars per month, and the only way to achieve that kind of cost savings is to move somewhere more affordable.” 

Source: DS News