Remote Work Is Changing How Some Buyers Search for Their Dream Homes
The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years to come and project that 36.2 million Americans will be working remotely by 2025. To give you some perspective, that's a 417% increase compared to the pre-pandemic years when there were just 7 million remote workers.
If you’re in the market to buy a home and you work remotely either full or part-time, this trend is a game-changer. It can help you overcome some of today’s affordability and housing inventory challenges.
The Affordability Advantage of Remote Work
Remote work, whether full-time or part-time, grants you the flexibility to approach your home search in a whole new light. With the daily commute no longer a concern, you may find it less crucial to reside in close proximity to your workplace. In a recent study, Fannie Mae highlights this important shift:
"Home affordability may also be a reason why we saw an increase in remote workers’ willingness to relocate or live farther away from their workplace . . ."
If you're contemplating a move, this ability to choose from a broader range of locations can enhance your chances of discovering a home that aligns with your financial means. Collaborate closely with your real estate agent to cast a wider net, including areas with a lower cost of living.
More Work Flexibility Equates to More Home Choices
And as you broaden your search to include more affordable options, you may also find you have the chance to get more features for your money too. Given the low supply of homes for sale, finding a home that fits all your wants and needs can be challenging.
By opening up your search, you’ll give yourself a bigger pool of options to choose from, and that makes it easier to find a home that truly fits your lifestyle. This could include homes with more square footage, diverse home styles, and a wider range of neighborhood amenities that were previously out of reach.
Historically, living close to work was a sought-after perk, often coming with a hefty price tag. But now, the dynamics have changed. If you work from home, you have the freedom to choose where you want to live without the burden of long daily commutes. This shift allows you to focus more on finding a home that is affordable and delivers on your dream home features.
Remote work goes beyond job flexibility. It's a chance to broaden your horizons in your home search. Without the constraints of a fixed location, you have the liberty to explore all available options. Let’s connect to find out how this freedom can lead you to your ideal home.
Call Teresa Ryan today, at 630-276-7575 for expert advice and guidance when you buy your first home in the Chicago suburbs!