Downtown Boston Real Estate: How working from Home is Changing our Real Estate Choices
Downtown Boston Real Estate: How working from Home is Changing our Real Estate Choices
The way Bostonians 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 Beacon Hill condo for sale 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 of Beacon Hill condos for sale
How Remote Work Helps with Affordability
Remote or hybrid work allows you to change how you approach your home search. Since you’re no longer commuting every day, you may not feel it’s as essential to live near your office. If you’re willing to move a bit further out in the suburbs instead of downtown Boston, you could open up your pool of affordable options. In a recent study, Fannie Mae explains:
“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 thinking about moving, having this kind of location flexibility can boost your chances of finding a home that fits your budget. Work with your agent to cast a wider net that includes additional areas with a lower cost of living.
More Work Flexibility Means More Home Options
And as you broaden your real estate 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 Boston condos 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 being bound to a fixed location, you have the freedom to explore all of your options. Let’s connect to find out how this freedom can lead you to your ideal home.
With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), Boston condo owners throughout downtown Boston are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.
According to George Ratiu, Senior Economist for realtor.com:
“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…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.”
Working remotely is definitely changing how Americans spend their time at home, and also how they use their available square footage. Homeowners aren’t just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and more space in general – indoor and outdoor – are all key factors motivating some buyers to change their home search parameters.
A recent realtor.com-HarrisX survey indicates:
“In a June poll of 2,000 potential home shoppers who indicated plans to make a purchase in the next year, 63% of those currently working from home stated their potential purchase was a result of their ability to work remotely, while nearly 40% [of] that number expected to purchase a home within four to six months and 13% said changes related to pandemic fueled their interest in buying a new home.
Clearly, Americans are thinking differently about homeownership today, and through a new lens. The National Association of Home Builders (NAHB) notes:
“New single-family home sales jumped in June, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs.”
Through these challenging times, you may have found your home becoming your office, your children’s classroom, your workout facility, and your family’s safe haven. This has quickly shifted what home truly means to many American families. More than ever, having a place to focus on professional productivity while many competing priorities (and distractions!) are knocking on your door is challenging homeowners to get creative, use space wisely, and ultimately find a place where all of these essential needs can realistically be met. In many cases, a new home is the best option.
In today’s Boston real estate market, making a move while mortgage rates are hovering at historic lows may enable you to purchase more home for your money, just when you and your family need it most.
If your personal and professional needs have changed and you’re ready to accommodate all of your family’s competing priorities, let’s connect today. Making a move into a larger home may be exactly what you need to set your family up for optimal long-term success.
by Liz Hughes
Last year’s en-masse move to remote work has driven what Zillow has dubbed the Great Reshuffling, as homeowners working from home have paused and reevaluated where and how they live. Now, as employers make decisions whether or not to reopen workplaces this fall, a new Zillow report suggests there’s more reshuffling to come.
Zillow’s research found 39% of workers in the U.S. still don’t know if they will be going back into the office at all, remaining remote or in a hybrid situation. Thirty-five percent say that uncertainty is impacting life decisions, including moving.
It’s no surprise after a year and a half of working from home that 84% of those surveyed said they would like to work remotely at least a few days each month. Forty-four percent want to work 100% from home. And who can blame them? Respondents noted working from home allowed them more control over their lives, their time and the freedom to live where they want.
“Workers are clear in their desire for more flexibility,” Zillow Vice President of Organizational Operations Meghan Reibstein said in a release. “It’s no surprise employees are willing to change jobs to get to this more sustainable way of working, and employers risk losing people if they ignore employees’ preferences. If given the freedom to move, employees can work where they’re happiest and most productive, which is a win for them, their organizations and their communities.”
With supply and demand issues continuing to drive up housing prices, remote work “has the potential to bring the most significant expansion of economic opportunity and housing affordability witnessed in a generation or more,” the report states.
In July, RE/MAX President Nick Bailey called the simultaneous increase in supply and demand a “unique case” and a welcome sign for buyers frustrated by the lack of homes on the market. “People are relocating as companies and individuals make long-term decisions about remote work and getting back to the office,” Bailey told Agent Publishing.
Two months later and the trend has become even more pronounced, opening new housing opportunities nationwide for first-time homebuyers and renters of color, according to Zillow’s data.
The report found that in the most expensive metros, affordability is becoming more important than commute time for buyers, and areas within a 60- to 90-minute drive to a city center are experiencing the fastest growth in home prices. Moving data also shows homebuyers seeking larger and more affordable homes.
“Lingering uncertainty over permanent flexible work policies suggests that we’re closer to the beginning of the Great Reshuffling than the end,” Chris Glynn, Zillow senior managing economist, said in the release. “As more people learn how often they’ll have to be at their workplace or make a job change to gain that flexibility, we expect to see more people move. Remote work will be a significant driver of housing demand for years to come, along with demographic trends.”
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