With restrictions starting to lessen across the country, many of us are starting to plan for traveling again, after missing out on planned vacations last year. Some households are even interested in purchasing a vacation home rather than staying in a hotel. Second homes are defined as homes that are sold to buyers who will not live in the home year-round. They will instead use this place as a vacation home or even just as an investment property. Second homes currently account for 15 percent of new single family residence home sales.
With an increase in demand for vacation homes, it is proven that Americans now highly value being in smaller groups. With social distancing guidelines now put into effect, consumers have new preferences about socializing. The Harris Poll has shown that 75% of consumers during COVID social distancing realized that they even prefer smaller social gatherings at home or at friends place.
With consumers new social distancing preferences, vacation homes can be utilized as a pandemic way to travel and stay safe at the same time. The second home can serve as an extended home-away-from-home experience. Now that more Americans have the opportunity to work remotely, vacation homes can even be used year-round.
The NAHB explains how second home market is showing increasing strength amongst these innovative times:
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 benefiting by an acceleration of retirement plans, as well as stock market gains.
Demand for vacation homes has steadily increased, so if you are interested in selling, connect with us today! You have the opportunity to take advantage of the strong sellers market and give someone their dream vacation home!
