As summer winds down and cooler weather makes its way to Mid-Missouri, the real estate market enters a new season, too. Fall buyers are often thinking beyond summer curb appeal and backyard.
How Remote Work Can Power Your Vacation Home Sale
Dated: December 18 2020
Views: 293
How Remote Work Can Power Your Vacation Home Sale
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.
Alana Nyhart
I serve as the Director of Marketing for Weichert, Realtors® – House of Brokers, where I lead our brand strategy, agent marketing, company events, and community engagement efforts. My passio....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
