The virtual work environment and real estate

There is no doubt that the recent spike in virtual working environments has fueled much of the real estate market over the past year. With Americans seeking more space in the home, many have opted to even move to another state while still remaining employed by the same employer. In many cases, the new remote working environment has worked out great for both employers and employees. For employers, not only has productivity increased but there have also been cost savings. As for employees, this has created more freedom to work in any location while positively impacting their quality of life. Recently, Realtor.com conducted a study to find out what decisions homeowners will make once their employers’ offices are reopen for business.

A permanent change to virtual working environments?

According to this Realtor.com study, 60% of new homeowners who purchased in the last 12 months are working from home. Furthermore, 62% of these remote workers prefer this arrangement as opposed to commuting to an office. With this said, approximately 48% of employers have committed to continuing this virtual working environment.

When asked about returning to a physical office environment, 25% of respondents do not know if they will be able to continue working remotely. Meanwhile, another 25% of respondents are planning to return to the office. If asked to come back to the office, 48% of respondents stated that they will try to figure out a hybrid schedule with their employer. If asked to come back to the office, nearly 25% of respondents reported that they would make an attempt to find a new job. Interestingly, only 30% of respondents stated that they would willfully return to the office if asked to do so by their employer.

Summary

As we have written about in various articles, the boom in virtual working environments has been a huge factor in the real estate market. In South Florida particularly, this has opened up the flood gates for out-of-state moves to the area. In addition, the State of Florida has put into place an aggressive plan to attract companies and talent to the state. Although Florida has historically been a top destination for retirees, this shift in virtual working environments has now resulted in working professionals relocating here as well.

It is a great time to buy or own property in South Florida. Are you ready to own your slice of paradise. Contact Live South Florida Realty, Inc. today and let us help you turn your dreams into reality.

By natasha@livesouthfl.com

REALTOR® with Live South Florida Realty, Inc.