Market Trends

With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs.

Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.

According to George Ratiu, Senior Economist for realtor.com:

“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.”

Working remotely is definitely changing how Americans spend their time at home, and also how they use their available square footage. Homeowners aren’t just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and more space in general – indoor and outdoor – are all key factors motivating some buyers to change their home search parameters.Continue Reading

The shelter in place orders that have been in effect for weeks across the country have many people spending more time at home than ever before.

And after spending so much time in their homes, many of them are noticing what they don’t like about their current space — and what they’re looking for in a new home. A new survey from realtor.com asked people what they considered must-have features for their next home after sheltering in place. And, unsurprisingly, many of them had to do with space.

Some of the most common must-haves on buyers’ post-quarantine wishlist include:

• More space (16 percent)
• More/better outdoor space (14 percent)
• Separation from neighbors (10 percent)
• More bedrooms (9 percent)

So if stay-at-home orders are making you realize you’re ready for a new space (and more space), you’re not alone — and you’re not stuck. Thanks to virtual tours and closings, home sales are still happening in the midst of the coronavirus—so get in touch with your real estate agent and start looking for the space you need.