As more Americans become vaccinated and travel resumes, many people are planning for those long-awaited vacations that they missed out on over the past year. Some households are even focusing their efforts on buying a vacation home at get away locations like Cape Cod rather than renting or 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 there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent survey from The Harris Poll:
“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.’”
With more Americans being given the option to continue working remotely or retire earlier than expected, vacation style homes are even becoming year-round options. The NAHB explains:
“Remote work arrangements have made it possible for… 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.”
If you own a home on Cape and have been thinking about selling, now is a great time to take advantage of today’s very full buyer pool. Buyers should know that the process generally takes approximately 45 days from accepted offer to close; perfect timing for vacation to start!
Let’s connect at 508-568-8191 or email@example.com to discuss your options. Helping our clients make the best decisions for their individual situations has been our full time job for more than 20 years. Let’s talk soon…
Don’t wish for it; go for it!
Mari and Hank