One in every ten home sellers, or 10.1% are relocating specifically because of return to work mandates, according to a Redfin survey conducted in May and June of this year.
The survey posed this question to more than 5,000 residents and found that 600-plus indicated they're likely to sell a home and move in the next year. Moving to be closer for a return to office wasn't the most common reason respondents cited for moving but the rate reflects an emerging trend, even if many don't head into an outside office all the time. Three times a week seems quite typical.
Redfin Premier agent Shauna Pendleton in Boise, Idaho, shared that a pair of clients are selling after only a year because their Seattle-based employer is requiring them to return to the office. "My sellers both work at the same company, which told them they have to be in the office three days a week or they'll lose their jobs. They have six months to make the move," Pendleton said. She added, "They'll probably have to take a $100,000 loss on their home. Their new house in Seattle won't be anything close to the size of their property in Boise, and their mortgage rate will be much higher."
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