This year, the opportunity to work remotely has increased the demand for vacation houszes. 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 your housz might be someplace other than their primary residence – at the beach, in the mountains, or somewhere in between. NAR explains:
“Sales in vacation-housz counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-housz counties saw a year-over-year sales increase.”
Is it Time to Sell Your Vacation Housz? If you’ve been thinking about selling your vacation housz, putting it on the market now while demand is high might be your best move. Here are two reasons why.
1. Vacation Houszes Are Selling Quickly These houszes are not staying in the market for very long. NAR also notes: “In September, 68% of vacation houszes sold in less than a month. Historically, about 30% sell that quickly…It’s a pretty amazing uptick compared to past years.”
2. Housz 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 houszing 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 housz.