There’s a multitude of reasons why homeowners are moving or considering a move: more space, privacy, safety. Indefinite changes to lifestyles, such as remote working and fleeing urban areas, are impacting buyer interests, according to CNBC. Rich Barton, CEO of Zillow, calls this a “great reshuffling” and predicts these pandemic-related trends will continue for several years. How long these trends will last exactly is unknown, but Barton says his intuition mixed with some collected data tells him these trends will stick around for some time.
The U.S. real estate market is beginning to show signs of a “great reshuffling,” as people relocate to homes with more privacy and space to ease working from home, Zillow CEO Rich Barton said on the company’s Q2 2020 earnings call this week.
“I believe we are at the dawn of a great reshuffling,” Barton said. “I’m sure I don’t need to spell it out for you because we are all living it, spending an average of nine hours more per day at home. Zoom meetings are changing the way families think about space and privacy. Home offices are in high demand. Backyards are more desirable than parks and gyms. Work-from-home policies are eliminating the commute for many. There’s an endless list of considerations.”
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