A Closer Look at the Effects of Telecommuting on the Housing Market

Over the last two years the way we work has changed dramatically.  The need to telework, started by the pandemic two years ago, opened the door to working from home.  This option became popular and now, as covid-19 restrictions lessen, businesses are choosing to continue to allow employees to work remotely.  Without the need for proximity to the workplace, workers have considerably more options for living. This newfound freedom will naturally affect where people choose to live, changing the future of real estate

Although it started as a seemingly temporary switch to working remotely, it has become clear that it is here to stay.  There is a growing realization that the future of work will be dominated by remote and hybrid models.  According to Zapier, more than half of Americans have begun working from home, and many companies have incorporated long term plans to continue telecommuting. This has already proven to alter the rural, suburban, and urban real estate markets because workers are no longer tied to their offices.

The Shift in Where People Live with Remote Work

Real estate pricing and development largely depend on two things – where people live and where people work.  Without work restrictions on location, workers have the opportunity to buy a house almost anyplace they want. Before the pandemic, cities were large civilizations, overflowing with people wanting to live and work close to businesses and commercial spaces. With remote working, the need to be close to the office is gone.

There are many advantages to being able to live in any location while working remotely. This allows workers to move closer to the desired climate, good school districts, and areas with lower taxes. In addition, families do not need to move away because of company relocation or a change in employment

With some workers not needing to go into work everyday, people are moving away from the city and out into rural and suburban areas.  They are attempting to get away from the expensive city real estate.  People also no longer need to worry about being close to public transport or freeways to take them to and from work and home.  Urbanites are more likely to consider properties in neighborhoods, further away from downtown business centers.

Though many businesses are switching to teleworking, some are offering a hybrid plan, where workers would work from home some days and go into the office others. Depending on the occupation and employer, some might want workers to go into the office more than others. But, the freedom of working from home some days gives workers the chance to move further from the office since they are commuting less often each week. This way they get to enjoy a large home, outside of the city, with better schools, neighborhoods, and lower crime rate.

What are working professionals looking for in a home?

Home offices have been an important feature of a house, even before the pandemic. Now, with the large shift in remote working, home developers have been building work spaces into properties. Homebuyers often look for houses with spaces to be used as a home office that invokes creativity and invites others in.  In addition to home offices, home owners are seeking spacious areas and walkability.

When setting up home offices, some buyers just want a comfortable space to sit with their laptops, while others want a dedicated room to shut the door and work without interruption.  Other considerations for a home office are bright lighting, clean backgrounds, and good acoustics.  Since residents will conduct meetings in the office, they are more particular about how well suited the area is for work.

The last two years of restrictions have made many home buyers crave the outdoors.  Yards, lawns, and patios have become even more important features people look for in a new home.

Aside from affordability, homeowners want to know that buying a house in a particular area will contribute to their quality of life.  This means choosing neighborhoods that are walkable and provide spaces for exercise and walking pets.  Families are also looking for a mix of restaurants and retail stores nearby.

Now that businesses realize that they can fully operate in a remote setup, it is unlikely many organizations will go back to using traditional office spaces.  The real estate industry needs to look at this change in the market and provide innovative solutions that meet the needs of its consumers.

How do you start your search for a new home in this telecommuting environment?

Boyle and Kahoe can help you find the perfect location and housing features whether you are moving to a completely new area or staying close to the office.

Finding a reliable real estate agent and lawyer may help ease the burden of buying or selling your home.  Boyle and Kahoe Real Estate was founded in April 2019 by Jessica Boyle Tsottles and Robert Kahoe.  The brokerage foundation is based on a strong passion for real estate and helping connect clients to the right properties.  Jessica Boyle Tsottles is an experienced Realtor in Harford County, and Robert Kahoe is an experienced attorney focusing on real estate, estates and trusts. Together, the two are blending their vast knowledge bases together to start a brokerage that will be able to handle any real estate transaction.  Check out their website at https://www.boyleandkahoe.com/ for more information