How Remote Work Can Power Your Vacation Home Sale

Dated: December 7 2020

Views: 59

How Remote Work Can Power Your Vacation Home Sale

How Remote Work Can Power Your Vacation Home Sale | MyKCM

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.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jeffrey Daniels does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jeffrey Daniels will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Latest Blog Posts

Looking To Move? It Could Be Time To Build Your Dream Home.

Looking To Move? It Could Be Time To Build Your Dream Home.While today’s supply of homes for sale is still low, the number of newly built homes is increasing. If you’re

Read More

The Big Question: Should You Renovate or Move?

The Big Question: Should You Renovate or Move?The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA

Read More

What Do Supply and Demand Tell Us About Today’s Housing Market?

What Do Supply and Demand Tell Us About Today’s Housing Market?There’s a well-known economic theory – the law of supply and demand – that explains what’s happening with

Read More

Important Distinction: Homes Are Less Affordable, Not Unaffordable

Important Distinction: Homes Are Less Affordable, Not UnaffordableIt’s impossible to research the subject of buying a home without coming across a headline declaring that the fall in home

Read More