Working Remotely Impacts Home Buying

Recent reports from Realtor.com and MReport have concluded that the work-from-home requirements created during the COVID-19 pandemic could really impact home buying. Realtor.com conducted a survey in early June that polled roughly 2,000 potential home buyers. The home shoppers had indicated they had plans to make a home purchase within the next year. About 60% of those surveyed that are working remotely stated that their potential purchase was due to their new ability to work from home. Almost 40% of people expect to purchase a home within the next four to six months. In addition, 13% said changes related to the COVID pandemic sparked their interest in buying a new home. A little over 20% of the respondents who are purchasing a home because of remote work stated that a home office was an important feature for their next home. Home offices were followed by a garage, quiet location, an updated kitchen, a large yard, and an open floor plan.

WHAT ELSE DID THE SURVEY FIND?

50% of those surveyed stated they do most of their work in a home office, while 15% work in their bedroom, 13% in their living room, 12% at the kitchen table, and 7% moved around to different rooms. In order to work efficiently from home, 45% of people said they converted a room in their home to an office. The survey also asked if respondents preferred working from home or at an office. 52% reported they prefer working at home, 39% want to return to their office, and 9% said it didn’t matter where they work. According to the MReport, 53% of respondents believe they will be back in the office full time. 22% expect to work half at the office and half at home. 14% predict they will remain working remotely from home. Senior Economist of Realtor.com, George Ratiu, stated, “ The ability to work remotely is expanding home shoppers’ geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short term. Although it’s too early to tell what long-term impact the COVID-era of remote work will have on housing, it’s clear that the pandemic is shaping how people live and work under the same roof.”

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