How is Working Remotely Changing Home Buying Trends?

Through these unique and challenging times, you may have found your home becoming your office, your children’s classroom, your workout facility, and your family’s safe haven. With close to four in ten Americans now working remotely due to COVID, they are rethinking what they need in a home.  Half of the remote workings are using a home office while a majority have created or converted space to work.  Many employers are also showing more flexibility to work remotely which is leading to some deciding to move.

Homebuyers are asking:

• Do I still need to live close to my company’s office building?
• Do I need a larger home with more office space?
• Would making a move to a different location make more sense for my family?

The Current Stats

Realtor.com recently did a survey of 2,000 potential home buyers.  They found 63% of those currently working from home stated their potential purchase was a result of their ability to work remotely.  Nearly 40% of that number expected to purchase a home within four to six months.  And 13% said changes related to the pandemic fueled their interest in buying a new home.

In addition to wanting a home office, buyers are looking for more space in general due to the additional time they spend at home.  Home gyms, larger yards, and outdoor kitchens are motivating some buyers to adjust their search parameters.

Changing Needs

More than ever, people are needing to create a space at home where they can focus on professional productivity while avoiding the many distractions - like the kids knocking on the door or the cat walking on the keyboard.  Workers are getting very creative and organized as they transform their homes to accommodate the added demands. In many cases though, a new home is the best option.

With mortgage rates at historic lows, buyers are able to purchase more home for the same amount of money. I just had a couple close with a 2.75% rate.  Here's the link to their lender!

Bottom Line

If you're struggling to make your current home accommodate your changing needs, call me today.  I can help evaluate all your options. Making a move into a larger home may be exactly what you need for your family.