Many Americans are rethinking where they live
"Work from home" has been a stop-gap way for employers to keep their employees productive. Employers are now admitting it's working out pretty well, and employees are in many cases realizing that they can work from anywhere — including somewhere other than where they currently live.
As coronavirus cases continue to spike and working from home seems permanent for many people, a large number of Americans (approximately 20 million of them) intend to relocate to a different city or region as a result of the ability to work remotely.
People are no longer required live where their job is. A lot of companies have been rethinking their business approach based on adjustments they have had to make due to the corona virus after experiencing success with employees that have been working from home. In turn, the employees are seeing this shift as an opportunity to move where they can afford to live, where they want to live, or are moving closer to family. Most are looking to move 2 hours or more away from their current home.
On the average, national moving companies are reporting that there is a 32% increase in moving interest compared with this time last year. The most common reasons associated with their customers potential moves were: concerns for health and well-being, wanting to be closer to family, changes in employment status or work arrangement (such as the ability to work remotely), and desires for improvement of quality of life. The pandemic has made many people reevaluate what was important to them.
The Las Vegas Valley is definitely the recipient of many of these relocating buyers (who wouldn't want to live here?). We are also seeing a lot of local moving as those who are working from home are looking for homes that have the space they need. The Las Vegas Valley is still attracting large numbers of retirees as well, as our weather and our tax structure are favorable. In comparison to the demand, our overall housing inventory is relatively low, especially in the price ranges under $500,000, so our local real estate values have remained strong with relatively short days on market.
If you are thinking of selling your home or are interested in purchasing a home, please call for more helpful information. My office is open seven days a week for your convenience, and we are looking forward to hearing from you!Laura Harbison
Realty Executives Southern Nevada Properties