With large tech companies extending their work-from-home policies until the fall, economists are predicting that the Seattle real estate market trends may shift causing a “suburban boom” in the housing market.
In a recent study, Zillow found that 75% of Americans who are working from home due to COVID-19 prefer a commute that is at least half the time once the pandemic subsides. 66% of Americans said they would consider moving elsewhere if their job allowed them to continue to work from home. Based on these statistics, economists predict that later down the road, housing preferences may move from dense metropolitan areas to more lenient work-from-home areas.
Working remotely has eliminated additional costs such as gas and time. Thus, we could see more households moving farther out and choosing larger homes. Zillow also predicts that we will see a growing demand in larger homes with extra rooms and home offices as well as people moving to nearby suburban areas (i.e. Tacoma) so that they can make office visits in nearby cities (i.e. Seattle) only when necessary.
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