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Remote work continues to affect residential real estate

On Behalf of | Jul 23, 2022 | Real estate transactions |

During the pandemic, many Tennessee employers shifted to a remote work model that allowed them to continue operations while keeping their employees as safe as possible. Working from home became a trend that eventually became the norm, and now many employees now work on either a completely remote schedule or a hybrid model. This has ultimately resulted in changes to the residential real estate market. 

More workers moving to the suburbs 

Remote workers often can work from anywhere. This means they can move to less expensive areas, and this often means out of larger, more populated areas. However, the rush of people looking to relocate has led to an increase in the home values in suburban areas. Workers are looking for shorter commutes and more square footage for their money. 

Before the pandemic, urban home values tended to be higher than suburban properties. Many of the suburban areas that are seeing rapid increases in home values are within a relatively easy drive from a larger, more urban area. Estimates suggest that around half of the growth in home prices over the last few years is related to an increase in remote work. 

Protecting legal and financial interests 

Remote workers looking to move to a more suburban area may find themselves competing with others looking to do the same. It will be beneficial for one to seek the guidance and support of an experienced attorney at every step. This allows one to protect his or her interests when navigating this important transaction.