20 May Home Buyers And The Home Office
In light of the current circumstances, there is a new conversation forming around office expectations and the possible shift to Work From Home, often referred to as WFH. Recently the CEO of Twitter made the decision to allow permanent WFH options. Nationwide Insurance is closing some of its major offices as it expects to transition portions of its staff to remote work. Whatever the long-term thoughts will be around office vs. WFH, this new season presents an interesting opportunity for homebuilders.
In a recent article by NAHB, they predicted that buyers’ desire for homes with a flexible room or home office will drastically increase. They cited a 2018 survey noting that even then, 65% of respondents wanted a home office. NAHB believes that number has only risen since. The National Association of Realtors expects a home office option to become an essential for buyers. In a survey performed by NAR, 36% of respondents don’t even have a spare bedroom to work from. They’re either working from the kitchen table or the coffee table.
This presents an opportunity for home builders to capitalize on a want that is quickly transitioning into a need. Builders and designers should consider adding a home office space into their options package. It will catch the attention of several buyers, especially as more jobs transition to some blend of remote and in-office work.