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How is Remote Work Changing Home Buyer Needs?

(Source: Keeping Current Matters)

September 9th, 2020

Due to the current pandemic and many having to now work from home, several people are reevaluating their wants and needs for their current home. Questions such as: “Do I still need to live close to my office?” “Is a larger home office now essential?” and “Would moving to the suburbs make sense for my family?” are becoming more frequently pondered.

The current pandemic is changing the way we think about spaces in our home and what is important to home buyers. According to a recent Market Recovery Survey from NAR, the top three most important features in a new home are: 1) Home Office, 2) Space to Accommodate Family, and 3) Larger House for More Personal Space.

“In 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 the 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 like suburbs and exurbs.”

Overall, with the way the world is changing we are seeing the minds of home buyers shift. Many are spending more time with family at home and just need more space in general. Some are finding it challenging to get creative with the space in their current home and have realized that getting a new home is truly the best option.

Source: Keeping Current Matters



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