As summer comes to a close, is it time to think about selling your vacation home?
Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year.
If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year.
1. Remote work continues to drive demand for vacation homes.
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, the fraction of the laborforce that works from home is typically higher in vacation home counties than in non-vacation home counties…The opportunity work from home could further raise the demand for vacation home in future years.”
Barnstable County/Cape Cod is certainly a vacation home county. Median prices for single family homes across Cape are up more than 30% YTD. But, for those communities that we would consider more vacation-y, prices are up in Dennis (32.3%), Brewster (31.3%) and Wellfleet (34.9%), for example.
Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best: “With many businesses and employers still extending an option to work remotely… vacation housing and second homes will remain a popular choice.”
With the virus not yet under control. many businesses have changed plans and delayed return to work schedules or made at home options permanent. This gives employees the freedom to consider other opportunities like vacation homes.
2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.
When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as possible. This can include things like all-cash offers and concessions in terms of time you need to move, etc.. 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. That offer could give you the opportunity to purchase the home of your dreams.
Or, if you find that you’ll continue working from home, you could consider taking up permanent residence in your vacation property and selling your primary residence. While this isn’t a choice everyone can consider, it could be a great option.
Buyers remain interested in vacation homes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation homes. Interested in reviewing your options? Let’s connect at 508-568-8191 or email@example.com. We’re happy to help.
Mari and Hank