Some HighlightsThere are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table.Along the way, be sure to
How Remote Work Can Power Your Vacation Home Sale
Dated: December 7 2020
Views: 929
This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR), notes:
“Working from home is a positive factor in demand for vacation homes.”
Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, in the mountains, or somewhere in between. NAR explains:
“Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.”
Is it Time to Sell Your Vacation Home?
If you’ve been thinking about selling your vacation home, putting it on the market now while demand is high might be your best move. Here are two reasons why.
1. Vacation Homes Are Selling Quickly
These homes are not staying in the market for very long. NAR also notes:
“In September, 68% of vacation homes sold in less than a month. Historically, about 30% sell that quickly…It’s a pretty amazing uptick compared to past years.”
2. Home Prices Are Rising
With an increase in demand, prices go up. NAR continues:
“In the third quarter, prices in vacation-home counties rose by about 32% year over year. Seventy-nine percent of these counties experienced year-over-year price gains. NAR defines a vacation-home county as one in which seasonal housing accounts for at least 20% of stock.”
If your vacation home is sitting idle, maybe not attracting as many renters as you usually see, or if you simply want to sell it so you can trade up or take it off your worry list, now may be the time. Demand is high, so you’re in the ideal spot to get a stronger return on your investment today.
Bottom Line
Demand is on the rise, so let’s discuss your next steps when it comes to selling your vacation home.
Latest Blog Posts
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their
According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for
Some HighlightsChoosing the right real estate professional to work with is one of the most important decisions you can make in your homebuying or selling process.The right agent can explain current
