Is WFH Rewriting The Location x 3 Fairy-tale?

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Location is everything in real estate. The fact that where a property is built on the face of mother earth must be its most important characteristic has mostly remained undisputed. 

But, in reality, what is a location? What does it mean to homebuyers, and what happens to this age old belief when changes arrive?

Everything Goes On As Usual

While the list of 'best locations' have been fed to real estate professionals everywhere - when talking about properties - changing focus from policymakers plus evolving homebuyer preferences can quickly cool off a hot neighbourhood or put a cold locality on fire.

Unknown to the oldies in the sector, both these processes are happening all the time, but the current shift is perhaps more dramatic and rapid, as everyone is taking a relook at exactly where they want to live and why.

Location Is Taking a Backseat

With millennials and the generation after that taking centre stage when it comes to home buying, irrational location-based housing prices are not making a 'premium/posh' sense anymore. 

Instead, homes which are relatively closer to urban centres, built densely, with diversity and community building amenities at their cores are increasingly in demand. 

Today, it's about housing a generation that is more comfortable with diversity and living close to others. 

Not Necessarily Closer To Work

With remote work, as well as a renewed emphasis on transportation and now-ubiquitous electric cars, areas that used to be defined by their proximity to a metro station and that shady '30-minute drive from the airport' line, are trying to become self-sustaining.

As more of the taskforce gets comfortable with working from home, they don’t want to get out and drive. 

Instead, it’s more important for them to walk or if they have to drive, drive a very short distance. They want to be able to go walk their dogs, walk with their spouses and kids, get outside and get vitamin D. 

Usher In The New

While absurdly priced 'prime location' properties get the elbow, areas that have more space, better views and nice schools are now options for many more families. 

And as WFH allows residents to spend more time at home, businesses are moving in to provide more everyday shopping, entertainment and year-round services, which in turn is pulling even more people to call these localities - home.