As vaccines are being administered and travel is resuming, many of us are beginning to plan for those long-awaited vacations we missed last year. Some households focus their efforts on buying a vacation home instead of staying in a hotel. La National Association of Home Builders (NAHB) reports:
“Second homes (ie homes sold to buyers who will not occupy the home year-round, but use it as a holiday home, investment real estate, etc.) represents 15 percent of new single-family home sales. “
No wonder the demand for holiday homes is growing. The majority of Americans realize that they prefer to surround themselves with small groups, as shown in a recent post survey of The Harris Survey:
“Social distancing has taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I found that I prefer smaller social gatherings at home or with friends.’ “
Holiday homes are not only seen as a more pandemic friendly way to travel and socialize, but they can also serve as an extended home away from home. With more Americans having the option to continue working far away or retire earlier than expected, vacation homes can be used year-round. The NAHB explains:
“Remote labor arrangements have enabled some wealthier Americans to relocate to alternate locations that are not just small, suburban shifts from within their current subway area. More fundamentally, housing demand may also benefit from accelerating retirement plans, as well as stock markets. “
The demand for holiday homes has increased and will continue to grow as we enter summer. If you own a home in a destination area and have thought about selling, now is a great time to take advantage of today’s high interest from a buyer. Let’s connect to discuss your opportunities in our local market.
Content previously posted in Keep Current Things