One thing that has come to light during the pandemic is that many employees are capable of working completely remotely if they have to. While not all companies will be implementing a remote work culture going forward, many are heading in that direction. A new survey from realtor.com® and HarrixX shows that new interest in remote work could influence buying trends into the future.
According to the survey, 63 percent of those who are currently working from home said that their decision to purchase a new home was directly related to their ability to work remotely. Another 40 percent whose buying decisions are being influenced by remote work say they will likely purchase a home within the next four to six months. And 13 percent said changes related to COVID incentivized them to purchase a new home.
The most important home factor for these individuals? A home office—the most chosen feature. The other popular features were a quiet location, a garage, an updated kitchen, a large backyard and an open floorplan. Over 20 percent of respondents said that having a home office is important to them.
“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,” said realtor.com® senior economist George Ratiu. “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.”
How many are actually working from home right now? According to those surveyed, 40 percent are currently working remotely—thirty percent were remote before COVID. Twenty-eight percent are still going into the office. If they could choose, however, 52 percent said they prefer to work from home. On the flip side, 39 percent prefer to work in an office setting and 9 percent said it doesn’t make a difference to them.