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Remote Work Driving Sales Of Vacation Homes

Vacation Homes

Buyers are taking advantage of the fact, that working from home might be someplace other than their primary residence. Many are relocating to the beaches along the Emerald Coast.

Remote Work Driving Vacation Home Sales

This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR) notes:

“Working from home is a positive factor in demand for vacation homes.”

What does this mean for real estate along the Emerald Coast?

Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, along the Emerald Coast, in the mountains, or somewhere in between. NAR explains:

Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.”

Is it Time to Sell Your Vacation Home?

If you’ve been thinking about selling your vacation home, putting it on the market now while demand is high might be your best move. Here are two reasons why.

1. Vacation Homes Are Selling Quickly

Homes and condos are not staying in the market for very long. NAR also notes:

In September, 68% of vacation homes sold in less than a month. Historically, about 30% sell that quickly…It’s a pretty amazing uptick compared to past years.”

2. Home Prices Are Rising

With an increase in demand, prices go up. NAR continues:

“In the third quarter, prices in vacation-home counties rose by about 32% year over year. Seventy-nine percent of these counties experienced year-over-year price gains. NAR defines a vacation-home county as one in which seasonal housing accounts for at least 20% of stock.”

If your vacation home is sitting idle, maybe not attracting as many renters as you usually see, or if you simply want to sell it so you can trade up or take it off your worry list, now may be the time. Demand is high, so you’re in the ideal spot to get a stronger return on your investment today.

Bottom Line

Demand is on the rise, so let’s discuss your next steps when it comes to selling your vacation home.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate located in Panama City Beach.  And Life’s A Beach Luxury Real Estate located in Destin.  We are here to help you find your piece of paradise.