
“This year, the opportunity to work remotely has increased the demand for vacation homes.”
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.
To view original article, visit Keeping Current Matters.
Do You Know How Much Your Home Is Worth?
The only way to get an accurate look at what your house is really worth is to talk to a local real estate agent.
Buying a Home May Help Shield You from Inflation
A fixed-rate mortgage protects your budget, and home price appreciation grows your net worth.
Are Investors Actually Buying Up All the Homes?
The idea that Wall Street investors are buying up all the homes and making it impossible for you to compete is a myth
Are You Asking Yourself These Questions About Selling Your House?
The market isn’t at a standstill. Every day, thousands of people buy, and they’re looking for homes like yours.
How To Buy a Home Without Waiting for Lower Rates
Even if mortgage rates don’t drop substantially, there are still ways to make buying a home more affordable.
A Record Percent of Buyers Are Planning To Move in 2025 – Are You?
Find the right agent to make sure your house is prepped, priced, and marketed well, so you can get ahead of the competition!