Working remotely has changed how Americans spend their time at home. The home office has taken on new meaning, and homeowners are no longer looking for a house with a room like the kitchen or den that can double as a home office. Spending extra time at home and the desire for more space, both indoors and outdoors, is sparking interest among homebuyers.
George Ratiu, Senior Economist with realtor.com, says, “The coronavirus pandemic has caused unprecedented changes in government, business, and consumer responses.” Ratiu also says, “Remote work is expected to change the housing landscape over the next few years.”
The M Report has data from a survey by Realtor.com-HarrisX found that a majority of those currently working from home, and looking to purchase a new home, were motivated to do so due to their ability to work remotely.
Reassessing Home Needs
As businesses discovered how to efficiently and effectively enable their employees to work from home, families began reassessing their home needs. Homeowners found themselves asking questions like:
- Is living close to the office important?
- Should I have more office space at home?
- Does moving to the suburbs make sense for my family?
The pandemic has reshaped how people live and work under the same roof.
Americans now think differently about homeownership. The National Association of Home Builders (NAHB) found:
- New single-family home sales have increased.
- Low interest rates supported an increased demand for housing.
- Consumers are again focusing on the importance of housing.
- There is a growing demand for homes in the suburbs.
The pandemic has forced a change in how American families define “home.” Homeowners found their home was not only their office but the children’s classroom, a workout facility, and a general safe haven for the family.
More than ever, having a place to focus on a professional life while balancing personal priorities forces homeowners to be creative and use their existing space wisely. A new home is the best option in many cases, especially with today’s low mortgage rates.