How Working Remote Has Changed Home Buyer's Demands in 2020

Homebuying demand has shifted dramatically this year. The industry has not ground to a halt. But rather, there has been a seismic shift in how people are making the decisions on where to live.

The majority of these effects can be attributed to the new trend developing within the labor industry.

The growth rate among the remote work sector of our economy is faster than it has ever been. That means more people than ever before are now working from home.

Top Impacts On The Home Buying Demand This Year

Since so many people work from home, it is impossible to understate the enormity of the impact this has had on many homebuyers’ decisions. Now people can consider an entirely new set of factors when looking at homeownership.

Previously people were much more limited in the options available to them. They have needed to live somewhere close enough for them to commute to work.

Otherwise, they would not have been able to afford a home at all. Now, this is no longer a factor.

People Want Somewhere Where It Is Easy To Concentrate At Home

Since people are working at home more than they want a home where it is easy to work. Believe it or not, but some homes will be far easier for people to concentrate on than others.

Suppose you have a home next to the airport, a railway, or other noisy disturbances. You will likely find it difficult to remain concentrated for long.

On the other hand, a home somewhere in a secluded area with no neighbors, might make it easy to slip into a state of flow.

People Want To Have Enough Bedrooms And Bathrooms For A Large Family

Today people are beginning to enjoy having larger families because they can work from home and spend more time with them.

People were often discouraged from having children. Because, they had to work so many hours away from home that they felt they did not get to see their children if they even did have them.

Thankfully, many of today’s families are spending more time together now than ever.

People Are No Longer As Tied To Specific Geographic Locations As They Were In The Past

People have much more freedom to choose where they want to live now. Today they choose based on the places that they would like to live rather than their proximity to their workplace.

Most people have been taking advantage of this newfound freedom and moving to areas that were not necessarily in high demand in the past.

Major employers do not necessarily have locations in some places popular on the real estate markets right now.

Many Home Buyers Are Opting For Less Expensive Homes

People are often happier with a smaller home and a more affordable budget, instead of trying to overburden themselves with that now.

People are beginning to save more money and pay down debt aggressively. This sense of thriftiness seems to permeate through all aspects of our society.

People Are Moving A Lot Less Frequently Today Than They Were Several Decades Ago

People find a place where they like to live and stay there for a lot longer today than they used to in the past. In the year 1980, a homeowner who had purchased a starter home was likely to move to a new home within six years.

Today this is very rare, and most first-time homebuyers end up living in the first home they purchased for at least a decade. As a result, people are more deliberate with the homes that they pick whenever they are making a purchasing decision.

That way, they do not get stuck living somewhere that they do not enjoy for an extended period.

Shifting Family Structures Delays Homeownership For Many Of The Newest Generation Of Adults

Many people are also delaying having children. Now, there is also a counter-trend in the industry developing amongst adults who plan on never becoming parents.

Your children significantly impact the desires that pop into your mind whenever you are home shopping if you have them. People who are not responsible for small children only have themselves to think of when shopping for their home.

They will not need to look at the school districts or the bus routes. They can decide exactly where they live solely on where they would like to live.

Final Thoughts About The Impacts On The Homebuying Industry In 2020

Homebuyers are buying homes at a more rapid pace now than in recent years. However, these deals that are forming in today’s markets are fundamentally different from some of the ones we have seen in the past.

All of this is a result of shifting consumer demands and preferences. Over time these always evolve, no matter the industry.