What To Do with Your Vacation Housz as Summer Ends
As summer comes to a close, is it time to think about selling your vacation housz? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation housz sales are up 57.2% year-over-year for January-April 2021.
If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation housz this year.
1. Remote work continues to drive demand for vacation houszes. As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second housz than you think: “In 2020, across all nine divisions, the fraction of the workforce that work from the housz is typically higher in the vacation housz counties than in the non-vacation housz counties… The opportunity to work from housz could further raise the demand for vacation houszes 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 housz could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best, saying: "Vacation houszes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation houszing and second houszes 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 is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation housz as appealing as possible. This can include things like all-cash offers and more. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. That offer could give you the opportunity to purchase the primary residence of your dreams.
Or, if you find that you’ll continue working from the housz, you could consider taking up more permanent residence in your vacation housz and selling your primary residence instead. While this isn’t a choice everyone can consider, it could be a great option.
No matter what the situation, you don’t have to make the decision on your own. Your trusted real estate advisor can help you determine your best option when you’re ready to sell.
Bottom Line Buyers remain interested in vacation houszes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation houszes. Let’s connect today if you’re ready to give your second housz its day in the sun.