16 Jun How the Rise in Remote Work Could Spark a New Suburban Boom
Brenda Richardson Senior Contributor, Forbes Real Estate
In Brenda Richardson’s recent Forbes article “Rise in Remote Work Could Spark A New Suburban Boom,” she touches on the rising trend of working from home and the future of the work environment changed as a result of the COVID pandemic. Home buyers who were looking for homes with walkability close to work are now looking further away from the core of the city for their next investment. With “Location is key” in mind, areas close to recreation, transit, access to entertainment, and affordability are changing the way buyers are looking for real estate. There are many areas outside of the core of Seattle, people may look to move for a second home or work at home alternative.
For many Americans, the workplace may never look the same after the coronavirus pandemic subsides. A lasting legacy is likely to be a wider acceptance of remote working. The post-pandemic recovery could drive a housing boom in more affordable cities and surrounding suburbs, prompted not by a fear of density but by a seismic shift toward working from home.
A new survey from Zillow, conducted last week by The Harris Poll, finds 75% of Americans working from home due to COVID-19 say they would prefer to continue that routine at least half the time, if given the option, after the pandemic eases. The rise in sophisticated technology has enabled them to create an environment at home, or practically anywhere for that matter, to be productive.
Where buyers go shopping for a home could indeed shift in the wake of the pandemic, according to Realtor.com. “The experience of being at home for a long period of time has everyone rethinking their priorities,” said Danielle Hale, realtor.com chief economist. “People are recognizing space is more important, so they’re looking for more affordable areas where they can have more space at the same price.” Read Full Article >>
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Sources Cited: https://www.investopedia.com/updates/first-time-home-buyer/