With summer coming to a close, you may be wondering if now is the right time to sell your vacation home. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021. Based on data and expert opinions, this may be a viable option for you to consider. If you have taken your last trip to your vacation home this summer, let’s take a closer look at the reasons to consider selling your secondary property.
Remote Work Is Increasing Demand in Vacation Homes
The NAR has reported that based on more companies tending to work remotely, there could now be more interest in your home than ever before. With work needs evolving at a rapid pace, there is heavy demand for vacation homes. Research from the NAR shows:
“In 2020, across all nine divisions, the fraction of the workforce that work from home is typically higher in the vacation home counties than in the non-vacation home counties… The opportunity to work from home could further raise the demand for vacation homes in future years.”
Experts have forecasted that the rate of remote work will continue to increase over the next 5 years. With this sustained increase, we are likely to see a large demand for vacation homes; they will be highly sought after by potential buyers. Lawrence Yun, Chief Economist at NAR, has reported:
“Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”
Selling Your Secondary Home Will Allow You To Upgrade Your Vacation Spot!
With housing inventory at an all time low, we are in a very strong seller’s market. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. When buyer demand is so high and competition strong, buyers will do anything to acquire their dream home. This could result in all-cash offers or less contingencies. As the seller of your vacation home, you are in the driver’s seat and have the best position available. By negotiating the best possible deal for your vacation home, you can then in turn upgrade to a grander property.
Maybe while working remotely, you found that you would rather continue working from your vacation home. This could lead you to consider taking up more permanent residence in your vacation home and selling your primary residence instead. While this won’t be the best option for everyone, it could be something to look into.
Now that summer is winding down, it’s time to take advantage of today’s demand for vacation homes. Connect with a Seven Gables Advisor if you’re ready to sell your secondary residence.