According to a study appearing on Forbes, 75 percent of employers plan to increase the number of permanent remote employees. The work-from-home trend was increasing even before the pandemic hit last year. But of course COVID-19 protocols forced the hand of many employers and the number of work-from-homers skyrocketed.
Will this trend impact home sales? Still too early to tell with any certainty but many experts are saying yes.
Trends are showing that the longer the pandemic drags on, more people will have to work remotely, which leads to more companies that have to expand their remote work policies. In turn, employees working remotely get more productive and increase the chances that they will still want to work outside the office even after the pandemic comes to an end.
With work from home endeavors here to stay, experts can expect housing to adjust as well.
Real estate prices have historically been sky-high in cities such as Boston, San Francisco, Los Angeles, Miami and New York, as these are all big employment hubs that lure people globally to excellent-paying jobs. But with remote work on the rise, there’s not quite such a need for people to move to and live in those major cities. These employees may instead choose to move to remote cities in the suburbs where quality of live is high but cost of living is low.
We may see real estate values increase in beautiful vacation spots, remote suburbs and other areas that typically would not see an onslaught of real estate activity away from the hustle and bustle of major cities.
Of course, not everyone will get the opportunity to work from home forever. Many companies are bringing their employees back to the office, albeit with safety precautions in place. It’s just a fact that many occupations are not conducive to working from home. However, even those occupations that used to demand in-office presence are adapting to give their employees the chance to work from home at least some of the time.
Therefore, those who dream of a single-family home in the ‘burbs may leave the big cities where they used to be a slave to a brutal daily commute. Well outside the city limits, these people can enjoy larger homes, lower house prices, higher rated schools, better neighborhoods and lower crime rates.
Demand for Housing Features
Changes are afoot in regards to what the typical home/office space will look like. Multifamily homes are being built with modern co-work spaces in their rental units, which may see a rise in popularity in the coming year. Other developers are creating collaborative work studios and computer bars in their units.
Don’t assume everyone will flee the city, though. The demand for downtown living will still be there, as big cities offer a wide selection of restaurants, arts, entertainment, culture and job opportunities that you just can’t get in the suburbs. There will still be people who will continue to pay a premium to live within dense cities that are walkable and transit-oriented.
Real Estate, Done Remotely
The real estate market in many areas of the country is still going strong. The pandemic certainly hasn’t kept people from buying and selling. Thankfully, many things can be done remotely in this industry, such as:
- Remote showings
- Virtual open houses
- Self-guided tours
- Tenant screening
- Digital signatures
- Online rent collection portals
- Remote security systems
Studies show that one in four newly remote workers expect to continue to work from home even after the pandemic subsides, says the Motley Fool. How this impacts home sales will become more apparent over the course of this year.
Call Berkshire Hathaway Premier Properties
If you are prepared to buy or sell, you will need one of our experienced agents to work on your behalf. Please contact Berkshire Hathaway Premier Properties today at 832-626-4889 and we would be happy to find you a house with a home office.