With the world opening back up to travel, more and more people are finally taking those vacations they put off during the pandemic. If you own a vacation home, then now could be an excellent time to put that property up for sale. Let’s take a look at the reasons why you could see a fantastic return on your investment by selling your vacation home today.
Tastes have changed
The pandemic has made us all reevaluate our wants and needs. Many people have determined that they’d like to get away but want to be as safe about it as possible. For this reason, some vacationers are opting to purchase second homes instead of staying in hotels or Airbnbs. In fact, according to the National Association of Home Builders, 15 percent of single-family home sales are vacation homes. When you own a vacation home, you can rest assured knowing that the home is clean and safe and ready to be enjoyed at any time. They are also great places to escape to, particularly for those who work from home.
Inventory is low
Another reason why now is one of the best times to sell your vacation home is that inventory is at all-time lows. There is a serious shortage of homes on the market, and the inventory has not been able to keep up with demand. When you sell your vacation home today, you will face less competition from other homes on the market.
Demand is high
In addition to low inventory, demand for homes — and particularly vacation homes — has skyrocketed. Buyers want to take advantage of historically low interest rates that are a result of the pandemic. Many vacation homes are receiving multiple offers and have even been the subject of bidding wars. If you’re interested in maximizing your return on investment, then conditions are prime for that.
Home prices keep going up
Every seller wants their home to sell for top dollar. In today’s market, you are likely to get an excellent price on your home. According to Realtor.com, home prices reached a new high in May 2021. The new median home price in the United States is now $380,000. This figure is up more than 15 percent from the same time last year. Experts predict that these prices will continue to stay steady or rise in 2021, giving sellers an almost unbelievable advantage in the market.
Your home will sell fast
Finally, one of the biggest obstacles for selling your vacation home is the time it actually takes to get an offer. But in today’s real estate market, you can feel confident that your vacation home will sell quickly. In fact, the same report by Realtor.com states that homes are selling a full month faster than they did last year, and 19 days faster than the typical time on the market from 2017-2019. You won’t have to worry about your home languishing on the market or taking too long to close. Buyers are motivated and eager to beat out the competition, especially in desirable vacation destinations.