08/14/2020
How Is Remote Work Changing Homebuyer Needs?
With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my companyâs office building? Do I need a larger home with more office space? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.
According to George Ratiu, Senior Economist for realtor.com:
âThe ability to work remotely is expanding home shoppersâ geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short termâŚAlthough itâs too early to tell what long-term impact the COVID-era of remote work will have on housing, itâs clear that the pandemic is shaping how people live and work under the same roof.â
Working remotely is definitely changing how Americans spend their time at home, and also how they use their available square footage. Homeowners arenât just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and more space in general â indoor and outdoor â are all key factors motivating some buyers to change their home search parameters.
A recent realtor.com-HarrisX survey indicates:
âIn a June poll of 2,000 potential home shoppers who indicated plans to make a purchase in the next year, 63% of those currently working from home stated their potential purchase was a result of their ability to work remotely, while nearly 40% [of] that number expected to purchase a home within four to six months and 13% said changes related to pandemic fueled their interest in buying a new home.
New single-family home sales jumped in June, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower density markets.
Bottom lineline
In todayâs real estate market, making a move while mortgage rates are hovering at historic lows may enable you to purchase more home for your $$$ just when you and your family need it most