The way we work has shifted significantly over the past few years. COVID made remote work wildly popular, and that hasn’t changed since! Experts predict that 36.2 million Americans will be working remotely by 2025; that’s a projected increase of 417% compared to pre-pandemic statistics.
When it comes to the housing market, this remote-work boom has wide-reaching effects. Today’s market isn’t always the easiest to navigate, but being able to work remotely makes things significantly easier. It can actually help buyers overcome affordability and housing inventory challenges! Let’s dive in:
Remote work improves affordability.
When you work remotely, the distance you live from work doesn’t matter as much. If you’re fully remote, you can live anywhere. If you’re hybrid, you can likely handle a longer commute 2 or 3 days a week if you’re not commuting the other 2 days. You can move out to the suburbs or live rurally! Home prices typically fall as you get away from city centers, so remote work really improves affordability for many people.
This probably explains why remote work hasn’t gone back down as the pandemic has waned. 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.” When prices are high, being able to live farther from work increases your chances of finding a home you love in your budget!
Remote work opens up more inventory.
Maybe affordability isn’t too much of an issue for you, but you’re just not finding a home you really want to purchase. When remote work allows you to open your search up geographically, you have a lot more inventory to choose from. With home inventory low throughout most parts of the country, this is a huge bonus! You’ll be more likely to find a home that has the size you want, the style you want, and the features you want.
What this means for you:
Not being tied down to a daily commute is helpful in more than one way. When you add remote-work flexibility to your housing search, you suddenly improve affordability and inventory. Remote work can give you a leg-up on successfully navigating today’s housing market.
If you find your dream home and need to sell your current home quickly, know that it’s actually a great time to sell! Houses in move-in-ready condition are selling relatively quickly.
If your home is dated or in need of repairs, it’ll likely not sell quickly on the market. However, there are other options. At MarketPro Homebuyers, we buy houses in any condition. It doesn’t matter what needs to be done; we buy houses that need any number of major or minor repairs. Through it all, we provide a stress-free customer experience.
Work with MarketPro:
We’ll give you a fast cash offer for your current home just as it is now; we buy houses with no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.