Real Estate

WATCH: Wealthy Homeowners Are Sticking By Their Decision To Relocate

Wealthier clients who moved cities during the pandemic aren’t itching to go back, even as home demand in their new markets is in decline, panelists said earlier this month at Luxury Connect.

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Home demand may be swiftly reversing in America’s most popular migration destinations, but that doesn’t mean people who moved to those places earlier in the pandemic will suddenly pick up and move back.

Even though many workers are returning to the office, the housing market is unlikely to see an undoing of the so-called Great Reshuffling that occurred over the past two years, a panel of experts agreed earlier this month at Inman’s Luxury Connect conference in Las Vegas.

Zar Zanganeh of The Agency said that many of his recent wealthier buyer clients moved to Nevada from out-of-state. Some of them have even had to go back to work at least once a week in their original haunts, such as San Francisco. But he has yet to see one reconsider their decision to move, he said.

“None of them have listed their homes to go back to the places where they moved from,” Zanganeh said.

From left to right, moderator Mickey Alam Khan, Paul Benson, Kristin Routh Silberman and Zar Zanganeh in August at Inman Luxury Connect. (Photo by AJ Canaria of Moxiworks)

The panel goes into the many reasons why luxury buyers moved in the first place — including lifestyle and tax law considerations — and how those factors have been holding up for their clients.

Watch the full conversation in the video at the top of this page.

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