VACATION HOMES ARE MORE POPULAR THAN EVER!
Hello resort-style living! With blue skies, palm trees blowing in the wind, and gorgeous ocean horizon views for as long as the eye can see, it’s not surprising that Lee County, Florida rated as the #1 metro with the largest uptick in 2020 vacation home sales!
Thanks to the 2020 pandemic, people are realizing that not only can they work from home, but that working from home means they can work anywhere in the world! So, why not live somewhere that is absolutely beautiful, 24/7 365 days a year! That being said, not everyone wants to uproot their entire lives and give up their family and friend relationships they’ve built over the years. SO, que the perfect solution – Vacation Homes! In 2020, vacation home sales were 5.5% of total existing-home sales.
Florida is still rated (in two spots) in the top 10 vacation home locations in 2020. See below for the full list!
Lee County, Fla.
Oscoda County, Mich.
Swain County, N.C.
Collier County, Fla.
Dukes County, Mass.
Alleghany County, N.C.
Garrett County, Md.
Barnstable County, Mass.
Alcona County, Mich.
Macon County, N.C.
“Vacation homes are a hot commodity at the moment,” says Lawrence Yun, NAR’s chief economist. “With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”
Due to the low inventory crisis happening right now, buyers are doing everything they can to out-bid each other to ensure they get the property they want. Some are even resorting to all-cash offers, because let’s face it, if you were the seller, would you take an all-cash deal or take a chance on a finance deal, that could possibly fall through? You’d take the cash and run!
According to NAR’s report, median existing-home sale prices in vacation counties rose faster than in the rest of the country, up 14.2% compared to 10.1%. and so far in 2021, the vacation home sales share of market space is at 6.7%. Existing-home sales from 1,060 non-vacation home counties increased by an average of 11.2% year-to-year; in 145 vacation-home counties, they jumped 24.2%.
“Vacation-home counties did lag overall single-family home sales in one way: They took longer to sell. Nationwide, they remained on the market 59 days in 2020 compared to 30 days in 2019. But even this wasn’t as true in traditional vacation-home counties, where they sold 13 days faster in 2020 than they did in 2019. Nevertheless, homes largely sold at a faster pace in vacation home counties compared to the prior year by 13 days; in non-vacation counties, it was only 8 days.” Says Kerry Smith, news article writer for Florida Realtors®
Source -- © 2021 Florida Realtors®
Thanks to the 2020 pandemic, people are realizing that not only can they work from home, but that working from home means they can work anywhere in the world! So, why not live somewhere that is absolutely beautiful, 24/7 365 days a year! That being said, not everyone wants to uproot their entire lives and give up their family and friend relationships they’ve built over the years. SO, que the perfect solution – Vacation Homes! In 2020, vacation home sales were 5.5% of total existing-home sales.
Florida is still rated (in two spots) in the top 10 vacation home locations in 2020. See below for the full list!
Lee County, Fla.
Oscoda County, Mich.
Swain County, N.C.
Collier County, Fla.
Dukes County, Mass.
Alleghany County, N.C.
Garrett County, Md.
Barnstable County, Mass.
Alcona County, Mich.
Macon County, N.C.
“Vacation homes are a hot commodity at the moment,” says Lawrence Yun, NAR’s chief economist. “With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”
Due to the low inventory crisis happening right now, buyers are doing everything they can to out-bid each other to ensure they get the property they want. Some are even resorting to all-cash offers, because let’s face it, if you were the seller, would you take an all-cash deal or take a chance on a finance deal, that could possibly fall through? You’d take the cash and run!
According to NAR’s report, median existing-home sale prices in vacation counties rose faster than in the rest of the country, up 14.2% compared to 10.1%. and so far in 2021, the vacation home sales share of market space is at 6.7%. Existing-home sales from 1,060 non-vacation home counties increased by an average of 11.2% year-to-year; in 145 vacation-home counties, they jumped 24.2%.
“Vacation-home counties did lag overall single-family home sales in one way: They took longer to sell. Nationwide, they remained on the market 59 days in 2020 compared to 30 days in 2019. But even this wasn’t as true in traditional vacation-home counties, where they sold 13 days faster in 2020 than they did in 2019. Nevertheless, homes largely sold at a faster pace in vacation home counties compared to the prior year by 13 days; in non-vacation counties, it was only 8 days.” Says Kerry Smith, news article writer for Florida Realtors®
Source -- © 2021 Florida Realtors®
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