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WHAT'S TURNING HOMEOWNERS INTO SELLERS? GETTING BACK TO THE OFFICE For homeowners contemplating relocation, a range of factors is influencing their decisions, extending beyond major life events like marriage, divorce, or a career change. In some instances, it's their existing job that's the catalyst.
Recent findings from a Redfin survey, which focused on homeowners likely to sell and move within the next year, reveal some evolving motivations behind the move. While traditional reasons such as desiring more space, being near family, and seeking affordability continue to dominate, approximately 10% of respondents are influenced by their company's decision to call employees back to the office. Of those surveyed, 10.1% specifically cited their company's return-to-office policy as the reason for their move, a notable percentage when compared to the 33.8% who said they were moving for more space. The survey was conducted in May and June, coinciding with the period when major firms like Amazon, Apple, and JP Morgan Chase began transitioning employees back to in-office work. Redfin itself has encouraged its employees, who are based in offices in Seattle, San Francisco, and Frisco, to come back to the office for at least two days a week, though without mandating relocation. This shift appears to be part of a continuing trend. As reported by Fortune, approximately one million workers are expected to transition back to physical workplaces this fall. This has posed challenges for individuals who relocated at the onset of the pandemic. In Boise, Redfin agent Shauna Pendleton represented a couple forced to sell their home because their Seattle-based company called them back to the office. Pendleton pointed out that they would incur a $100,000 loss on their Boise property, adding that "their new house in Seattle won't be anything close to the size of their property in Boise, and their mortgage rate will be much higher." However, not everyone is prepared to forfeit their pandemic-acquired residences. A recent study from Realtor.com indicates that many people would rather look for new employment than relocate if mandated to return to the office, particularly given the robust job market and limited housing supply. Realtor.com's Chief Economist Danielle Hale stated, "People will probably put up with a lot right now rather than have to move," noting that the current market conditions are not favorable for buyers.  Additional Factors Influencing Relocation For some, waiting for better market conditions is not an option. Other considerations driving the decision to move include aligning with a community that shares their social perspectives (19.3%), seeking lower taxation (19%), and worries about crime rates (17.9%). Discrimination (10.6%) and climate change concerns (8.4%) were also cited as factors prompting a move. Redfin Chief Economist Daryl Fairweather commented, "Real estate is all about priorities and compromise. While many homeowners are choosing to stay put, holding on to their low mortgage rates, others are willing to exchange those rates for a safer neighborhood, lower taxes, or neighbors with similar political views." |
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