TIME recently interviewed Brian Chesky, the CEO of Airbnb, about his announcement that employees can now work from anywhere, including overseas for up to three months. Speaking to the future of office spaces and corporate culture, he said, “You’re going to see a lot more flexibility. I think the talent pool is going to be much more distributed. Not everyone’s going to limit themselves to a community radius around their office.”
This shift allows Airbnb (and other companies with similar approaches) to access the best talent from anywhere, taking into account that where people live matters — now more than ever before (more on that below). In the days following the news, the company’s recruiting page received a million visitors. Also noteworthy, Airbnb released first quarter earnings that closely matched pre-pandemic levels.
So how does the idea of remote work relate to the real estate industry?
To start, because of the COVID-19 pandemic, remote work has become more widespread. Companies realized that they could operate without a traditional 9-to-5, in-office approach and ultimately switched to this model for the foreseeable future.
Then, in response to this newfound flexibility, a mass real estate migration occurred. When trapped at home for days on end, people took a hard look at both their priorities and preferences. They had time to think about what they truly wanted out of their home. They began looking for more space, fewer people, and better affordability — and they haven’t stopped searching yet. According to Realtor.com®, in the first quarter of 2022, over half (59.7 percent) of all views on home listings came from visitors based in other cities. That number is nearly 5 percent higher than this time last year.
Additional research reveals that residents of more expensive cities, colder parts of the country, and college and military towns are looking for a change of pace and place. Central Florida may be the perfect fit! Thanks to the year-round sunshine, beautiful beaches, and family-friendly (and pet-friendly) cities, Orlando and its surrounding areas are popular spots for out-of-state home buyers.
Are you ready to consider a new place to call home?
Check out the Move MeterSM from Coldwell Banker. This tool allows you to instantly compare data from where you currently live to any other location in the country. Consider housing affordability, quality of life, weather, and more, city by city.
Just think: What if you weren’t tied down to a particular location based on your job? The options would be endless!
Let The Urban Dog Group help you with your real estate needs. Contact Christine Elias at caerealestate@gmail.com.