Work from Home Vacation Properties

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The vacation home market has caught fire in counties across the country as country property sales have grown 16 percent since 2020 – nearly three times more than existing homes, which grew 5.6 percent according to the National Association of Realtors.

This push, according to Bloombergis another effect of the work-from-home change on display since the COVID-19 pandemic began 16 months ago and workers moved from office space to major metro stations to office space in their private homes, from where they could log in remotely. …

And once they started logging in remotely, city consumers with funds reportedly realized they could do it just as well, if not better, from Aspen, Martha’s Vineyard, or Miami Beach. As these urban shoppers poured in, home-stay counties saw a 14 percent jump in average sales prices, according to a NAR report released last week, compared with a 10 percent increase in no vacation counties. …

“Vacation homes and second homes will continue to be popular choices among buyers,” said Lawrence Yoon, chief economist at the National Association of Realtors.

The Limits of the Vacation Boom

Popular choice, but it may end up being limited. An analysis by Redfin Corp. showed that while purchases last month were higher than a year ago, they are down from frantic levels seen in some markets. massive bursts at various points in 2020… In one example in Crystal Bay, Nevada, the price per square meter rose 72.2 percent. Likewise, in Aspen, Colorado, prices per square foot rose 31.9 percent, while in Chilmark, Massachusetts, Martha’s vineyard, rose 30.6 percent.

In addition, the thorn has created tension in local communities so resort communities like Nantucket are now considering local restrictions such as Article 90, a proposal to significantly reduce the number and duration of short-term rentals on the island. This rule was overturned by a public vote, but most agree that the problem will continue to occur in places like Nantucket as long as the tourism boom continues, fueled by workers who can open a store almost anywhere with an internet connection. …

Designed by Bigger Shift WFH

What’s more, the sudden spike in vacation property prices is just a small part of the broader history of changes that have occurred as a result of the white-collar shift to work from home over the past 16 months, and which of these changes may remain at home when office buildings reopen to work. and employees return to their desks.

Will consumers return to their weekly grocery shopping trip like they did before the pandemic? According to PYMNTS research, some will, many will not, and those who do not will be a highly coveted millennial consumer demographic who envisions what the future of shopping will look like.

PYMNTS Consumer Research on shopping habits American consumers demonstrate that while roughly 80 percent of consumers report that they still go to grocery stores to buy their food, roughly 20 percent of consumers now buy more products online than they once did in brick-and-mortar stores. And of those “digital switches”, 60 percent are millennials and bridgeheads whose purchasing power supermarkets want to hold onto and grow. Moreover, further PYMNTS data showed that, no longer tied to the 9 to 5 work schedule, 62 percent consumers who shop less frequently in stores than before the pandemic say they don’t want to go back to physical shopping as often as they did before the pandemic.

And if you look at the data more broadly, workers are not so happy to be back. Consumers who work from home are starting to love it more and more over time, and they are less and less interested in ever returning to their physical jobs. Seventy-nine percent of telecommuters said they didn’t want to return to physical office, statistically putting it behind meeting friends, traveling abroad and shopping at the grocery store on the list of things they want to resume when asked earlier this year.

This means that the homeworker real estate boom that began in the past 16 months could cool off. But the shifts brought about by the WFH economy more broadly could be with us for some time, especially if the transition back to the office turns out to be much slower and less sustainable than it was once expected.

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NEW PYMNTS DATA: AI IN FOCUS: ROADMAP OF BANKING TECHNOLOGIES

About the study: AI In Focus: The Bank Technology Roadmap is a research and interview-based report that looks at how banks are using artificial intelligence and other advanced computing systems to improve credit management and other aspects of their business. The guide is based on a survey of 100 banking executives and is part of a larger series on assessing the potential of AI in finance, healthcare and other sectors.





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