Have you been considering putting your vacation home on the market? Well, it’s time to stop thinking and start acting because now is an amazing time to list your vacation home for sale. Vacation homes have always been popular with buyers, but they are in greater demand than ever. Let’s take a closer look at why the vacation home market has exploded.
More people are working from home
The global pandemic has had a huge effect on our workforce, and more people than ever before are working from home. Experts predict that many workers will find that their jobs become permanently remote. If you don’t have to go to an office, then you can work from anywhere. Why not work from a beautiful vacation destination? Many homebuyers are deciding they want more space, more amenities, and more opportunities for after-work leisure time activities. That’s one big factor driving the strength of the vacation housing market.
Home values are on the rise
Another reason that vacation homes are more popular is that home values are increasing. Many people finance the purchase of their vacation home by using the equity in their current home. When home values rise, so does home equity. That makes it easier and more affordable to buy a vacation home right now.
Mortgage rates remain low
A third factor that’s contributing to the demand for vacation homes is that mortgage interest rates continue to remain low. Low interest rates help to offset the rising costs of homes, making them more affordable. Experts predict that we’ll continue to see low mortgage interest rates in the coming months, and many buyers want to take advantage of that.
There are fewer vacation homes on the market
Buyers of both traditional and vacation homes are flooding the real estate market right now. The pandemic has caused a boom in real estate for a variety of reasons. But sellers haven’t been as quick to get back into the market. This has caused a shortage of inventory. There’s fierce competition among buyers who are serious about purchasing a vacation home, and this is great news for sellers. Because of the shortage of inventory, you may receive several offers on your home for sale. In some cases, you may even get above your asking price.
Vacation homes are selling faster than normal
Finally, don’t just take our word for it that vacation homes are in demand. According to a recent report by the National Association of Realtors (NAR), vacation homes are selling like hotcakes. As of September 2020, 68 percent of vacation homes were selling in less than 30 days. That’s more than twice the normal amount. In addition, vacation homes make up a larger percentage of total home sales than they have previously. You really couldn’t pick a better time to put your vacation home on the market.
Contact Agent inc. today!
Are you ready to take the plunge and list your vacation home for sale? Then contact the experts at Agent inc. at 949-791-8160 or [email protected]. Let’s open your world to new possibilities!