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Work Uncertainty May Be Holding Buyers Back

Work is a fact of life. It's how we pay the bills. It's also a big part of how we choose where we live. After all, nobody wants to spend three hours a day driving to and from the office. So the closer we can live to our workplace the better. But while a short commute has always ranked high on home buyer wish lists, the pandemic has changed that. More Americans are able to work remotely and it's given them more freedom to choose where they live. A lot of us, though, are still waiting to hear what our long-term work arrangements will be. In fact, according to a recent survey, just 52 percent of workers say their employer has announced post-pandemic arrangements. That means, many of us are in limbo. And naturally, that effects home buying plans. For example, the same survey found the number of respondents who said they were considering a move in the next three years was greater among those who knew their long-term work arrangements than those still waiting to hear. That means, there are a lot of potential home buyers on the sidelines until their employer lays out post-pandemic plans. As those plans are announced, they'll have a big impact on the housing market, as it'll determine who's buying and where they're looking to move.

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