Working from home has become a new normal for most professionals. From major corporations to small businesses, the remote working experience has changed the landscape and seems to be here to stay.
Relocation Is the New Normal
According to NAR 8.9 million people relocated since the beginning of the pandemic.* Some headed to another state, while others just moved out of the city and into the suburban life.
As we wrap up the first quarter of 2021, we are continuing to see home buyers seek space away from the traditional corporate office and into the home office. The direct impact of this has opened the doors for working professionals to access job opportunities outside of their local markets and to look at home options farther away from their current employers.
As reported by the Upwork's Economist Report,** remote work is expected to increase migration in the U.S. anywhere from 14 to 23 million people. This is three to four times the normal migration rate. The rise in relocations has changed the living situations for many families.
Remote Work Statistics
- Over half of the population planning to move says affordable living is their #1 reason to relocate.
- Almost 55% of working professionals are seeking new living spaces over two hours away from the office.
- A Gartner survey of company leaders found that 80% plan to allow employees to work remotely at least part of the time after the pandemic , and 47% will allow employees to work from home full-time.
- In a PwC survey, 78% of CEOs agree a remote collaboration is here to stay.
Relocating & Inventory Challenges
While remote work has removed the stress and worry of commuting, it is daunting to find a house right now. Home sellers are seeing multiple offers as buyer demand continues to grow, and interest rates are starting to fluctuate due to economic growth.
So, how do you keep your clients calm when home prices are soaring and there's a historically low supply of housing?
The best bet to relieve the pressure of finding a home right now is to make sure your clients are certified and secured. This will help you win the bidding war in multiple-offer situations since your client will be positioned as a cash buyer, and also help eliminate the worry of fluctuating rates while you work hard to find their new home.
The Top 10 Housing Markets Post-COVID
The NAR has identified the top 10 markets (in alphabetical order) that have shown resilience during the pandemic period and are expected to continue to perform well post-COVID in 2021-2022.
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Boise City, Idaho
- Charleston-North Charleston, South Carolina
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Indianapolis-Carmel-Anderson, Indiana
- Madison, Wisconsin
- Phoenix-Mesa-Chandler, Arizona
- Provo-Orem, Utah
- Spokane-Spokane Valley, Washington
These areas are already attractive locations to purchase a home, but with so many people migrating from more expensive West Coast cities, these 10 cities are on everyone's radar.
*The Churchill Certified Home Buyer program is not a commitment to lend funds and is not an approval but is a conditional approval subject to your acceptance of the terms and the conditions being fully satisfied prior to closing. All conditions are subject to final underwriting and final investor approval. The certification is subject to the financial status and credit report(s) of everyone on the application remaining substantially the same until closing, an acceptable contract of sale on a suitable property, collateral (the appraisal, title, survey, condition, and insurance) satisfies the requirements of the lender and loan selected is still available in the market. All closing conditions of the lender must be satisfied including the clear transfer of the title, acceptable and adequate title and hazard insurance, flood certification, and any inspections that are required by the real estate contract. The Certified Home Buyer and Rate Secured programs are not available at all locations.
