As the pandemic caused travel restrictions across the globe, many people flocked to their vacation homes to isolate and stay safe. As many adjusted to working and learning remotely, they found that the open space and the fresh outdoor air was something they could permanently live with.
With inventory levels dipping to record-low numbers across the country, some are looking at vacation and second homes as permanent options. Here are some questions to help guide buyers in the right direction.
How far from your current home are you willing to go?
The pandemic has shifted the way many people work, allowing for the ability to seek lower-priced homes further away from major cities and suburbs. Many Realtors® across the country are seeing buyers willing to travel anywhere from 1 to 3 hours away from a major city.
Does peak season matter to you?
Many seasonal resort and recreation areas are reporting extended seasons, with bookings going beyond their typical end of season. And many people are renting longer term in vacation areas – some even up to 6 months.
What’s your price range?
Vacation areas are experiencing the same inventory shortage issues that most areas in the US are. Because of this, it’s typical for second and vacation homes to sell for 25% above normal prices.
What types of homes and amenities are you looking for?
Single-family homes are typically the name of the game in resort and vacation areas, since they eliminate the shared space and amenities that condos have, though condos in these areas are also seeing a boom in sales.
Most people are shifting their mindset of how they view these homes, and one of the top priorities is more square footage. Extra rooms for extended family members to visit, space for remote working and learning, and space for working out. Another in-demand feature: fenced-in yards, for all those pandemic pups.
What amenities are you looking for in nearby towns?
As more and more people shift from part time visitors to year-round residents, many of these vacation towns are noticing the growing pains. Seasonal shops are now staying open beyond the busy season, and some towns are also experiencing expanding services such as recycling and trash pickup. Be sure the areas buyers are looking to call home have the services and amenities they’re looking for.
Be sure to read the full article Vacation Homes Evolve to Meet Hyper Demand here.
Interested in becoming a Resort and Second Home Specialist? Learn how you can earn the RSPS Certification.