How Could Remote Work Opportunities Impact Homebuyers?

You’ve heard it before. Location. Location. Location.

As we help our clients purchase a home, a home’s proximity to the client’s place of employment has always been a major consideration. Well, the world is changing. COVID-19 has had a major impact on the United States and its workforce. One major impact is that people are working from the comfort of their own home in large numbers, for the time being. Working remotely helps employees maintain physical distancing and therefore stay safe. The critical questions are, how long will this last and how much of an impact will it have on how and where we work in the future?

According to the Firm, Global Workplace Analytics, they estimated that, “… 56% of the U.S. workforce holds a job that is compatible (at least partially) with remote work.” Many of us heard the buzz created when Twitter CEO Jack Dorsey announced that Twitter will now,… “allow employees to work from home for as long as they want.” He made the same announcement a week later for the other company that he owns called Square based in San Francisco. Companies such as Google and Facebook have also said that they would allow employees to continue to work remotely through the end of the year. So, what does this all mean?

We can only wait and see. However, as Realtors, it has become clear that if employees can work remotely, the sky could become the limit in terms of where many of those employees can live. For instance, Solano county has the lowest median home price in the Bay Area. Increases in remote work opportunities could open up the possibility of homeownership for many residents, and future residents, as it allows for a larger pool of potential jobs.