Pandemic Reshapes Homebuying & Rental Decisions
The COVID-19 pandemic and associated shift to working from home have transformed the location and feature requirements of both homebuyers and renters, according to companion surveys of more than 1,000 consumers and 600 real estate professionals by Homes.com. The “new normal” is fueling more moves from cities to suburbs, more long-distance moves, and new space and amenity demands while also prompting sellers to be more selective in a market where 95% of transactions are receiving multiple offers.
A majority of these moves are likely to be permanent, with nearly three out of four consumers who have moved or planning to move to take advantage of remote work opportunities reporting they will not return to their pre-pandemic residences.
“The surge in the work-from-home population has rewritten the playbook for many homebuying and rental decisions, from when and where to relocate, to what people are looking for in their next residence,” said Homes.com President, David Mele. “That, in turn, is prompting changes for real estate professionals, many of whom are expanding their market area to better serve clients who are moving farther than before. If working from home becomes standard operating procedure for many companies, as predicted, these changes will be with us for years to come.”
