With an overwhelming number of Americans currently working from home, we are seeing a large number of homeowners wanting to make a move.
If you have made the transition to working from home this year, you are probably working from home longer than you had originally anticipated. Companies all across the country have had to adapt to allowing their employess to work at home in order to keep them healthy and safe while also allowing for productivity. Many people will be working from home into 2021 and possibly longer than that.
As we navigate this pandemic and the new work from home situation, many homeowners have been looking at their current homes and thinking about whether they still work for them. The size, location, floor plan, etc. are all things that may need to change now. If you own your home or if you are renting, you may be considering making a move to a home that better suits your needs, epscially with today’s historically low mortgage rates.
A study from Upwork notes:
“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”
To better understand this, last year, 6 million homes were sold in the U.S. So, approximately 2 – 4X as many people are thinking about a move now, and there’s a direct connection to their new work from home situation.
The same study also states that while 45.3% of people are planning to stay within a 2-hour range of their current home, 41.5% of the people who are using working from home as their main reason for making a move are willing to look for a new home that is more than 4 hours away from where they are now. Sometimes, moving a distance from where you currently are may mean you can buy a home for less money. If you are working from home, you may have many more options in your home search if you expand your moving area. Upwork‘s survey also concludes:
“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”
If you have been able to stop your daily commute to work, you may be wanting to consider living in a different area. Working at home may also mean you need a different home layout or more/less space. If you find that your needs are changing and it’s time to make a move, reach out! I’d be more than happy to help you with your Real Estate needs.