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Why This Is a Great Year to Sell Your Vacation Home
As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) reports:
“Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacation home, investment property, etc.) account for 15 percent of new single-family home sales.”
Capitola-by-the-sea
It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent survey from The Harris Poll:
“Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I realized I preferred smaller social gatherings at home or at friends’ place.’”
Not only are vacation homes seen as a potentially more pandemic-friendly way to travel and socialize, but they can also serve as an extended home-away-from-home. With more Americans being given the option to continue working remotely or retire earlier than expected, vacation homes can be used year-round. The NAHB explains:
“Remote work arrangements have made it possible for some wealthier Americans to move to alternate locations that are not just small, suburban shifts from within their current metro area. More fundamentally, second home demand may also be benefitting by an acceleration of retirement plans, as well as stock market gains.”
Bottom Line
The demand for vacation homes has increased and will continue to rise as we head into summer. If you own a house in a destination area and have thought about selling, now is a great time to take advantage of today’s high buyer interest. Let’s connect to discuss your opportunities in our local market.
Call me or text me anytime!
(408) 800-1141
(831) 346-2743
Lynne Watanabe MacFarlane, MCDM, SRES Realtor
Intero | Berkshire Hathaway affiliate
PFAC Silicon Valley affiliate
Silicon Valley to Monterey Bay – We’ve got you covered!
“How much is my home worth” or https://sfbay.areahomevalues.net/
DRE#02066698
Determining Cash Flow By Using Rentometer – Lynne MacFarlane, Realtor [Video]
I like to educate my clients and friends about what’s going on in the real estate market and depending on whether you’re a seller or buyer (or investor) I’ll give you the facts so you can make informed decisions. Several folks in the Bay Area are interested in buying in Monterey county. I thought I’d go over what’s happening in Monterey (click here for the RealScout report), if you’re thinking of getting a second home or buying a retirement condo but would consider using it as a rental until it’s time to retire.
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Here’s the Link for an Up-to-Date Market Report for Monterey Condos/ Townhomes
https://lynnemacfarlane.realscout.com/…/NzYyOTJfX2NpdHk…
Here’s a great tool that I like to use to determine what the average rent is for a specific area, it’s called Rentometer – As an investor you can take a peek by plugging in an address and enter the number of bedrooms and baths. Here is an example below
Here’s a brief video on how you can determine if a purchased property is cash flow positive using Rentometer (and any mortgage calculator).
Search for your vacation or retirement home in Monterey California here
Call me today and let’s arrange a casual coffee or Zoom meeting for any of your real estate questions and locations of interest.
831-346-2743
Lynne MacFarlane, MCDM, SRES, SRS
Intero Real Estate Services | Berkshire Hathaway affiliate
Lmacfarlane@intero.com
Are People Really Leaving San Francisco For The Suburbs? [Video]
Here’s my latest vlog post – I hope you and your family are doing well, staying healthy.
One of the first trends that became evident when quarantines began was the large number of young professionals who had gone home to wait out the virus with their parents. Having left the cities where they work and return to their hometowns, many of these young people may not go back. If the work-from-home situation continues – or if their jobs are eliminated – they might find themselves moving back home for good. This may be one of the factors to my discussion here on this post.
As the quarantine lifts, what are the potential market shifts and migration patterns in the SF Bay Area will we see?
Let me know if you or someone you know is interested in making a change (moving to a bigger home with more office space, multi-generational living, layout changes, bigger garden or fresher outside living at the oceanside.) I’m always here to help you make informed, knowledge-based decisions in the shifting markets!
There is a record nine year high in the number of homes on the market in S.F. as it continues to represent 60% more inventory than at the same time last year and 110% more inventory than in 2015 (according to http://socketsite.com/archives/2020/06/most-homes-on-the-market-in-san-francisco-in-nine-years.html)
