Vacation homes and secondary markets are booming! With changing lifestyles and remote work on the rise, more people are looking for a place to retreat or invest. Whether you're selling or buying, understanding these trends can help you make smart decisions. Let's look at the latest trends for practical tips to help you navigate the vacation home and secondary market successfully.

THE CURRENT TRENDS

  • Increased Demand: Since the pandemic, more people want a place to retreat. This change has driven a rise in demand for vacation homes as more people prioritize having a getaway spot. With remote work remaining common, people have the freedom to live and work from anywhere, increasing interest in secondary homes where they can balance work and leisure easily.
  • Rising Property Values: Hot vacation spots have seen property values go up significantly due to high demand and limited supply, making these properties valuable investments. Buyers are now looking beyond traditional hotspots to find hidden gems that offer both value and lifestyle benefits.
  • Shift Towards Rural and Coastal Areas: Rural and coastal properties are getting a lot of attention. People are drawn to the peace and natural beauty these areas offer. Waterfront properties, scenic views, and access to outdoor activities like hiking, boating, and fishing are major selling points.

TIPS FOR SELLERS IN THE VACATION & SECONDARY HOME MARKET

  • Highlight Unique Features: Showcase what makes your property special. Whether it's amazing views, nearby attractions, or unique design, make these features stand out. Highlight amenities like pools, hot tubs, and outdoor living spaces to boost the vacation experience.
  • Market to Remote Workers: Remote work is here to stay, so show how your property can support a work-from-home lifestyle. Point out dedicated office spaces, strong internet, and local conveniences. Stage a room as a home office to help potential buyers see themselves working from your property.
  • Utilize Digital Marketing: Use high-quality photos and virtual tours to attract remote buyers who can't visit in person. A great virtual tour can give a complete view of the home and its surroundings, and highlighting key features and benefits of your property can draw more interest.
  • Plan for Seasonal Variations: Vacation home markets can be seasonal, with peak buying times during certain parts of the year. Keep your property well-maintained and attractive year-round to appeal to buyers at any time but plan your listing and marketing strategies around these peak seasons to maximize visibility.
  • Improve Curb Appeal: First impressions matter. Invest in landscaping and exterior improvements to make your property welcoming. Simple touches like fresh paint, clean pathways, and well-kept gardens can make a big difference. Add outdoor lighting and other features to make the property stand out, especially during evening showings.

TIPS FOR BUYERS IN THE VACATION & SECONDARY HOME MARKET

  • Define Your Goals: Know what you want from your vacation or secondary home. Is it a seasonal getaway, a rental investment, or a future retirement spot? Consider how often you plan to use the property and what amenities and features are most important to you. Understanding your goals will guide your search.
  • Research the Area: Do your homework - look at property values, market trends, and the local landscape. Visit different locations to get a feel for the community and local amenities. This firsthand experience can help in narrowing down your choices and making a smart investment.
  • Understand Financing Options: Financing options for vacation and secondary home can be different than your primary home. Mortgage rates and terms can vary, so consult with a mortgage professional to better understand the programs and rates available.
  • Inspect the Property Thoroughly: Get a comprehensive inspection before buying. Vacation homes, especially older ones, might have hidden issues that could be expensive to fix. Check the roof, plumbing, electrical systems, and for any potential environmental hazards.
  • Plan for Management and Maintenance: Think about how you’ll manage and maintain the property if you don’t live there full-time. Hiring a property management company can help with upkeep and logistics if you plan to rent out the home. Preserve your property's value and ensure it remains an enjoyable retreat by maintaining it regularly.
  • Evaluate Rental Potential: If you plan to rent out your vacation home, research its rental potential. Look into local rental markets, occupancy rates, and average rental prices. Knowing the rental environment can help you estimate potential income and balance ownership costs. Investing in amenities like modern appliances, high-speed internet, and comfortable furnishings can also boost your rental’s appeal.

The vacation home and secondary markets offer great opportunities for both sellers and buyers. By staying informed about market trends and using smart strategies, you can achieve your goals and make the most of your investment.

Please Note: The information provided in this article is for general informational purposes only and does not constitute professional advice. BLC Community Bank does not endorse or guarantee the accuracy, completeness, or usefulness of any information provided herein. Real estate markets can be volatile, and trends can change rapidly. Always conduct your own research and consult with a qualified real estate professional, financial advisor, or legal expert before making any real estate decisions. BLC Community Bank is not responsible for any actions taken based on the information provided in this article. All real estate investments carry risks, and you should be aware of these risks before proceeding.