Why Is Now The Best Time to Sell Your Vacation Home?
Many of us are starting to prepare for those long-awaited holidays we missed out on over the past year as vaccinations are administered and travel resumes. Some families are also putting more money into purchasing a vacation home rather than staying in a hotel. The National Association of Home Builders (NAHB) reports:
“Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacation home, investment property, etc.) account for 15 percent of new single-family home sales.”
It's not surprising that demand for holiday homes is increasing. According to a new Harris Poll survey, the majority of Americans are finding that they prefer to be in small groups:
“Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I realized I preferred smaller social gatherings at home or at friends’ place.'"
Vacation homes can act as an extended home-away-from-home, as well as a potentially more pandemic-friendly mode of transportation and socialization. Vacation homes can now be used year-round as more Americans are given the opportunity to work remotely or retire earlier than expected. The NAHB explains:
“Remote work arrangements have made it possible for some wealthier Americans to move to alternate locations that are not just small, suburban shifts from within their current metro area. More fundamentally, second home demand may also be benefitting by an acceleration of retirement plans, as well as stock market gains.”
As we approach summer, the market for vacation homes has risen and will continue to grow. If you own a home in a destination area and have been considering selling, now is a perfect time to do so because buyer demand is at an all-time high. Let’s connect to discuss your opportunities in our local market.