the staff of the Ridgewood blog
Ridgewood NJ, according to Realtor.com, the prevalence of remote work has brought significant changes in various aspects of people’s lives, including home purchasing decisions. With the option of working remotely, individuals are less restricted by proximity to work in their home search, potentially able to move closer to family or to seek more spacious homes in suburban areas generally further away from downtown job centers. Meanwhile, in the current climate of record-high mortgage rates and persistently high housing prices, another aspect of remote work has drawn our attention – the ability of home shoppers to utilize flexible work modes to access a wider range of housing options, mitigating affordability concerns. This research, using Realtor.com cross-market data, affordability scores, and publicly available data on remote job openings, shows that in the least affordable urban markets, homebuyers with more flexible work modes exhibit significantly lower interest in buying from local markets when compared to their counterparts constrained by less flexible work arrangements. In other words, homebuyers benefit from flexible work modes when it comes to searching for affordability https://northerncyprusforsale.com/cheap-properties/ in the housing market.
Highlights:
- Flexible work modes, including both hybrid and fully remote arrangements, provide a wider range of home selection for homebuyers by allowing them to expand their searches to out-of-market properties.
- Between 2019Q3 and 2023Q3, areas without workplace flexibility saw a greater share of home shoppers looking for homes in the local area, near the urban job center. In less flexible areas, roughly 1 in 4 shoppers were looking for a local home (26.4%) whereas the share was roughly 1 in 5 (21.4%) in areas with more flexible work options.
- In the least affordable areas, these trends were amplified, suggesting that home shoppers use flexible working modes to mitigate affordability concerns.
- Between 2019Q3 and 2023Q3, an average of 15.1% online traffic from the least affordable urban markets with flexible work modes went to local properties, 8.1 percentage points lower than the traffic share observed in areas with less flexible work options
- As affordability conditions got worse, home buyers prioritized housing affordability over job stability despite less flexible work modes.
https://www.realtor.com/research/remote-work-report-2023/
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