Real Estate

The Impact of Covid-19 on Homeowners Who are Working from Home

Despite various employers offering telecommuting opportunities prior to the pandemic, the norm for the majority of the employees has always been to be at the office in person. When we had the shutdown last year, both employers and employees had to innovate and learn to adjust to remote work for employees.

They Adjusted to a New Way of Doing Business

Home offices were set in place, office equipment was used at home, and new ways of communicating face to face were implemented. Perhaps, at the beginning it was an inconvenience, but as time went by and social distancing became the norm, both businesses and employees began to see how telecommuting could benefit them.—Businesses would reduce overhead and employees would reduce commuting time.

The Pew Research Center conducted a survey which showed only 20% of employed adults were working from home prior to the pandemic. After the pandemic, it was 71% working from home. And, when asked who would prefer to work from home after the pandemic, 54% said yes.

(Image from Pew Research Center)

How Does it Impact Homeowners

There is no doubt many will remain working remotely whether it’s a couple of days a week or 100%.

Hanley Wood conducted a survey last year asking if employees would consider moving to a new home if they could work remotely, over 36% said yes. And, when asked if they lived in an expensive area if they would move if they could go all remote, 55% said yes.

Homeowners who own their home near their place of employment may now have an opportunity to relocate to the place they have always wanted to live. It may be saving money or simply a change in lifestyle, but relocating may now be possible regardless of where you work.

So, if you have been on the fence about selling your home and relocating, this is the time to do it. The market is hot for sellers. Not only would you be able to profit the most on the sale but you would also be able to negotiate staying in your home until you find your replacement home. Don’t think about it too much. You might miss a great opportunity to sell at the highest profit possible in history!

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