Is It Time To Cash In On Your Second Home?
When the pandemic hit in 2020 the plans for a majority of the world were changed dramatically. Where we worked, where we went to school, and how we shopped for basic necessities were thrown into flux. One of the biggest changes to our routines that we experienced was how we spend our leisure time. About 60% of Americans plan significant vacations during the summer. The pandemic through a wrench in the works for nearly everyone who was used to summer travel. Flight plans were disrupted. Entertainment options were limited. Even dining was severely limited and restricted. This caused many to reevaluate what their ideal vacation looked like. In order to take more control over their vacation plans, millions of Americans opted to buy vacation homes. While many who bought second homes are happy with their purchases, right now might be the perfect time to sell them.
Benefits of Vacation Homes During the Pandemic
Vacation homes were perfect for the pandemic because they allowed a space to get away from home and enjoy outdoor space. Vacation home sales have surged throughout the pandemic. This is because the pandemic has shifted how we evaluate what to look for in a home. Vacation homes were previously solely purchased considering how much time one would spend there. There are now more people working from home, which allows people to work from vacation homes since it is purely virtual. The pandemic has blurred the lines between travelling, working, and living. This has allowed people to travel to their dream locations while still working from their vacation homes.
Everyone loves a great vacation. Sunny beaches, clear skies, and an escape from large city life has become more popular as we are adjusting to the pandemic. One of the greatest benefits to purchasing a vacation home during the pandemic is to live a vacationing lifestyle while still working. Workers are realizing that you can work anywhere that has wifi if your job is virtual. The benefits of this are great, allowing for a change of scenery and a literal vacation after your work day is over. With virtual meetings being just as effective as in person meetings, we can expect the hybrid model to stay. It also allows for a level of comfortability. Rather than taking hotels, you are able to reside in your vacation home.
An example of the shift to vacation homes is the surge of home sales in Hawaii. Following the suit of Mark Zuckerberg and other tech giants, people have started buying vacation homes in Hawaii. Property agents are reporting that demand for vacation homes is rising. The drive to go to vacation spots like Hawaii is telling of the flexibility that working from home grants us. Right now is a great time to own a vacation home and take a break from the pandemic.
Why You Might Consider Selling Your Vacation Home
You may want to consider selling your vacation homes because home values are going up. According to Zelman & Associates, there has been a 9% increase in primary residencies sales. This large increase is an indication that you can get a nice amount for your vacation home. Other sources have also reported an increase in values. The FHFA Agency House Price Index reported a 13.9% increase in home values. In addition, the CoreLogic Home Price Insights Report and the S&P Case-Shiller reported an 11% and 13% increase in home values. All of the numbers point to an increase in home values, which means it is prime time to sell your vacation home.
The pandemic is also starting to wind down, which means you may not need your second home as much anymore. The Zelman report tells us that there was a 20% increase of purchases for second homes in 2020. The pandemic brought about a desire to escape. With social distancing and staying indoors all the time, people sought out vacation homes so that they could travel. Thankfully, the pandemic is now slowly coming down and becoming less intense. Considering this, now could be a great time to sell your vacation home. Selling your vacation home would allow for other people to get their dream home while you capitalize on current home values.If you are someone who has a second vacation home, now would be the best time to sell.
Final Thoughts
The coronavirus has been a rollercoaster for all of us. A lot of employees felt trapped by the pandemic and wanted to escape, so they bought themselves a nice vacation home. Vacation homes are great, but the benefits of vacationing and working through the pandemic are slowly coming to an end. Although some employees don’t want to go back, offices are starting to open up. We may get to a point where the luxury of working from a vacation home is not possible and work will have to be in person.
Luckily, selling your vacation home is always an option. With today’s rising home values, now is the perfect time to sell your home and get a large amount of profit. If you are interested in selling your vacation home or even buying a new home, contact us! The team at Streamline Realty is here to help you every step of the way. Buying and selling homes can be difficult, but having trusted professionals at your side will guarantee the best outcome. We want you to benefit from rising home values, so contact us about selling today.
