Is it time to sell your summer home? It’s worth considering, based on expert opinions and data. According to research from theNational Association of Realtors(NAR)For the period January to April 2021, vacation home sales increased by 57.2%.
Here are some reasons to sell your vacation home if you haven’t taken your last vacation yet.
1. Remote work continues driving demand for vacation properties.
As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think:
“In 2020 across all nine divisions the fraction of the workforce who work remotely is generally, the rates are higher in vacation home counties than they are in non-vacation homes. You could have the opportunity to work remotely. In the future, there will be greater demand for vacation properties.
Recent data suggests that we will likely see an increase in the rate at which people consume alcohol. remote workOver the next five years. This means certain buyers could make your vacation home highly desirable. Lawrence Yun, chief economist at NAR, says it best. Say it:
“Vacation homes are hot right now. . . . Many businesses and employers will continue to offer remote work options to employees, so vacation housing and second homes will be a popular option for buyers.
2. You could sell to improve your vacation spot or your daily scenery.
When demand is high, so is buyer competition. Buyers will make every effort to sell your vacation home when there is strong competition. You can offer all-cash deals and many other options. 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. This offer could allow you to buy the home of your dreams.
If you decide to work from home, you might consider taking up permanent residence in your vacation property and selling your primary residence. This is not an option that everyone should consider, but it can be a good choice.
You don’t have the responsibility of making the right decision, no matter how difficult the situation is. When you are ready to sell, your trusted advisor can help you decide the best option.
Bottom line
There are many reasons why buyers continue to be interested in buying vacation homes this year. It’s time for you to start thinking about how you can take advantage of the current demand for vacation homes now that summer is over.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone.
