Tuesday, August 24, 2021 / by Ken Couture
With the end of summer, is it time to think about selling your vacation home? Based on recent data and expert opinions, this is something you may want to consider
If you took your last vacation this summer, here are the reasons why 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, across all nine divisions, the fraction of the workforce that works from home is typically higher in the vacation home counties than in the non-vacation home counties… The opportunity to work from home could further raise the demand for vacation homes in future years.
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, saying:
“Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”
2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.
When demand is high, so too is buyer competition. When the competition is fierce, buyers will go out of their way to make your vacation home offering as attractive as possible. This can include things like all-cash offers and more. If you sell now, you can benefit from strong buyer competition and choose the offer that works best for you. This offer could give you the opportunity to buy the main apartment of your dreams.
Or, if you find that you will continue to work from home, you may consider applying for permanent residence in your vacation home and selling your primary residence instead. While this is not an option that everyone could consider, it can be a great option.
Whatever the situation, you don't have to make the decision yourself. Your trusted real estate advisor can help you determine the best option when you're ready to sell.
For many reasons, buyers are still interested in vacation homes this year. Now that summer is coming to an end, it's time to consider taking advantage of the current demand for vacation homes. If you're ready for your second home to spend the day in the sun, talk to your trusted real estate consultant.
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