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July 29, 2022

How Work from Home has Changed Homebuyer Needs

By

Tim Clarke

How Work from Home has Changed Homebuyer Needs

In a blink of an eye our entire world has been altered due to the pandemic.

In an effort to slow down the spread of COVID-19, we have been restricted from going to the movies, gyms, church and even the workspace.

With much of the population working from home many aspects of our lives have changed, many of us no longer have to work inside of a brick and mortar.

Because of that, buyers are opening up their options, since they don’t have to be confined to an area that offers an ideal commute.

Some buyers may find it beneficial to move to parts of the country where the cost of living is much lower than the are in which their employment lies.

Here’s 4 new dynamics that are available for buyers who work from home.


Buyers are Searching with a Wider Area

Since being at the office is no longer a requirement, buyers can expand their search criteria.

Some can essentially live and work in different states. In the past, studies have shown that the most common commute is 30 minutes one-way.

People who work from home can consider living in areas outside of the city or areas of heavy traffic.

Office Space is Now Required...Not Just "Nice To Have"

A buyer that works from home would need an additional area specifically dedicated for a workspace.

If the typical need for the buyer is 3 bedrooms, then they would now require an extra office or bonus area, that can ideally be isolated from common home distractions.

The buyer would also have a search flexibility of looking for a home with additional bedrooms.


Wider At-Home Lifestyle Requirements

If the buyer is married with kids, there must be a consideration of the lifestyle needs of the family while working from home.

There would need to be an additional workspace area for the spouse and/or the children.

Because they're working and living in the same space, the family may also desire additional amenities or features that make their homes more comfortable for relaxing, such as game rooms, swimming pools, exercise areas, or outdoor living spaces.

Long-Term Living for Generational Families

There is no secret that we have a steadily declining inventory and the biggest reason why because homeowners are looking at the purchase of a home more long-term.

Since they are now required to work from home, they can move to any area they would prefer and won't have to worry about relocating if their company undergoes changes or if there is a change in role.

Buyers may be encouraged to search in a higher price point because of the additional amenities they desire and because of the ability to save from the gas spent commuting.

Working Remote is Here to Stay

There’s no telling what I will post COVID world would look like but one thing is for certain: more and more companies are relying on their employees to work remotely.

This adds a lot of flexibility to a home buyer because they are not down to a specific location and their monthly expenses has decreased due to gas mileage savings.

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