Working Remotely Impacts Real Estate in 2020 and Continues Into 2021

The COVID-19 pandemic has changed the way we live and work—and, in light of the pandemic, many companies have shifted to remote operations, giving their employees the ability to work from home.

But how are these changes impacting the real estate market?

A recent survey from Homes.com explored how the pandemic and the shift to remote work has changed the market—and, more specifically, how it’s influencing people’s decision to relocate.

Some of the survey’s key findings include:

• One in three people who moved in the past 12 months had no plans to move prior to COVID—and one in four who moved in 2020, or plan to move in 2021, said a change in their job was the reason behind their decision;
• 20 percent of respondents cited the ability to work remotely as the reason for their move in 2020; and
• 45 percent said they would move in 2021 if given the chance to work remotely indefinitely;

The Takeaway:

So, what does this mean for you? COVID has changed the way many companies operate, and more people than ever are able to work from home. This shift to remote work is causing many people to reevaluate their living situation and relocate. So, if you’ve gotten the green light to work remotely—and are thinking it may be time to pick up and move to an area that feels like a better long-term fit? Now is a great time to make a move.