Return to Office Policies Fuel Remote Worker Exodus, Forcing Some to Sell Homes at a Loss

Return-to-office policies forcing some remote workers to sell homes, even at a loss
10% of people likely to move in next year citing return-to-office as reason
Employees who left cities during pandemic having to move back for in-person work
Real estate agent example of clients selling home after 1 year due to return-to-office mandate
Major companies like Amazon, Apple, Meta requiring return to office
Difficult decision with mortgage rates doubled over past year, hurting affordability
Top reasons for moving still desire for more space, proximity to family, lower cost

businessinsider.com

Relevant topic timeline:

9/7/2023

San Francisco Home Sellers Take Biggest Loss Nationwide As High Rates Drive Housing Declines

San Francisco leads the nation in home sales losses, with 12.3% of home sellers in the city losing money, but most homeowners still make a profit, with median home prices selling for 70.5% more than they were bought for, according to a Redfin report. The high proportion of losses is attributed to layoffs in the tech industry and remote work allowing people to relocate to more affordable areas.

9/18/2023

Housing Market Faces Challenges as Rates Rise, But Demand Supported by Ongoing Shortage

The housing market faces challenges from 7 percent mortgage rates, but the downside risk to home sales is limited due to sales being driven by life events and high cash purchases, according to Fannie Mae's Economic and Strategic Research Group.