As more and more travel is resuming, many people across the country are beginning to plan those long missed vacations they didn’t get to take just a few months ago. Some buyers are turning their interests to purchasing a vacation home rather than opting to spend money on hotels.
The National Association of Home Builders has recently reported that vacation or second homes account for 15% of new single-family home sales. This does not come as a shocking surprise to most real estate professionals. There are many reasons why more and more people are now interested in purchasing a vacation home.
A recent survey conducted by The Harris Poll found that social distancing has many buyers changing the way they prefer to socialize. 75% of those that participated in the survey stated that they prefer smaller gatherings at home or at a friend’s house.
Right now, vacation homes are seen as more pandemic-friendly. They are an easier way to stay distanced and in small groups. Not only does a personal vacation home allow people to stay distanced more easily they provide a means of being able to vacation without being subject to things shutting down or being overbooked.
During the spring and summer of last year, all large vacation resorts shut down so people on vacation or hoping to still go on vacation flocked to rent out vacation properties through websites like VRBO and Air BnB.
At the beginning of the pandemic last year, a large number of people that lived in condensed rural areas opted to rent out vacation properties as short-term rentals to be a home away from home. This also caused a high demand for vacation rentals. With an increase in remote work and remote school opportunities, buyers are realizing that vacation homes can also be used as extended home-away-from-home.
The National Association of Home Builders has also found that with the acceleration of more and more retirement plans and many more buyers seeing significant stock market gains, this has helped to enable more Americans to be in a better position to purchase a second home.
The interest for purchasing a vacation home is on the rise especially as we approach summer and more and more people are looking to take a vacation on their terms, whether that means a more comfortable way to avoid large crowds or a more freeing way to get away from homes without needing to have safety measures in place. If you have a vacation home you are considering selling now is a great time to list it.