3 Ways Working Remote Has Changed Home Buyer’s Demands
This year working remote became mainstream. In the past, it has always been a fringe aspect of our labor markets. Considering the impact of the global health crisis and the coronavirus pandemic, it is no surprise that more people than ever are now working from home.
Whether you realize it or not, changes are occurring all around us and will impact how markets are shaped in the coming years. We are already beginning to notice some clear trends that indicate shifting preferences among potential homebuyers.
Top Impacts Of Working Remote On Home Buying
So far, in the industry, three clear trends are presenting themselves. If you work in the real estate industry, you need to understand all of the market’s current trends if you want to make decisions as effectively as possible.
It can seem a little difficult when there are so many unique trends developing a market; however, the three strongest will have the most profound impacts on real estate markets in the near term.
Each of these is uniquely influenced by the ability to choose remote work today for many of our nations employed people. What exactly are these trends, in any case?
People Who Work From Home Search Across Larger Areas
The first and most intuitive is that people are beginning to be less location-dependent. For generations, one of the biggest motivators for people whenever they were purchasing a home was their job location.
You needed to have a job to buy a house, so it made sense to live close to one when remote work was not as widely available. Now consumers have an easier time than ever before living anywhere they would like without losing any income.
This is beginning to lead to many people living in a high cost of living areas to move out of them somewhere more affordable where their income will go much further.
This has the exciting effect of improving people’s living standards and creating mini real estate booms and specific low-cost living areas.
Home Purchasing Is Happening Less Often
Another clear trend that’s beginning to develop is a decrease in the rate of people purchasing homes. People used to have to move with the companies they work for, or they would need to find another job. This has quickly been curtailed by the newfound location independence of today’s workers.
Now homeowners are less inclined to make a move they see as unnecessary whenever they already love where they live. People are beginning to hold onto their homes more often. In the 1980s, someone would be expected to purchase a home or selling home every six years on average, while today, that has increased by 50% up to nine years on average. Many realtors are also beginning to notice that people who purchase homes for the first time are buying larger homes.
That means that whenever they begin to expand their families, they do not have the same pressure for additional space that has gone previous generations to move up from their starter homes more quickly. This is another strong trend that is unlikely to reverse shortly.
People Who Are Working From Home Want A Home Office
Although being able to work from anywhere that you want quite appealing to many people, the unfortunate reality is that our homes are often not too quiet enough for us to maintain focus throughout the workday effectively.
As a result of the increased demand for remote work opportunities, people are beginning to pay attention to the office spaces’ quality within their homes. Before these changes, the most interested people in home office spaces were typically small business owners who worked out of their homes.
Today people from all walks of life are beginning to search out homes that have dedicated office spaces. Not just any office space will do for most buyers, however.
They want an area that will easily get into a state of flow whenever they start to work. It should be in a secluded and quiet part of the home, so they do not have to contend with other disturbances. This trend will likely only strengthen as people begin to work at home more often.
It is not the end of the world and the real estate industry, but things are changing. We always try to stay up-to-date with home buyer’s needs by selling homes that are updated and renovated to meet their expectations. Take a look at some of the homes for sale in Polk County that we currently have available.