EXPERTS: WORK FROM HOME IS HERE TO STAY More inventory is on the way
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n overwhelming majority (95%) of more than 100 economists and real estate experts surveyed by Zillow as part of the Q1 2021 Zillow Home Price Expectations (ZHPE) survey said an increased preference to work remotely at least part-time is a permanent shift. The quarterly survey, sponsored by Zillow and administered by Pulsenomics, also asked experts for their views on the rental market, housing inventory and their expectations for home value growth this year and over the next five years. The experts said they believe the pandemic has permanently altered consumer preferences regarding where office work gets done. Nearly all respondents said the consumer preference for working from home at least parttime will be an enduring legacy of the pandemic. Roughly a third of them (36%) said the recent shift to full-time work
from home in favor of full-time in-office work will prove permanent. Panelists were more evenly split regarding the permanence of other pandemic-driven shifts in attitudes towards where we live and the ideal size of our homes. When asked about Americans’ preference for living in the suburbs over urban areas, the same share of ZHPE panelists said the shift was permanent as said the shift was temporary (46%).
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