Vacation Home in Panama City Beach or along the Emerald Coast?
You have been the happy owner of a vacation home in Panama City Beach or along the Emerald Coast. Summer is ending, and you have been evaluating whether or not you want to continue with the time and expense involved in the upkeep of a beach vacation home. Well, if you are considering selling, now is a good time! Prices are up, inventory is down, and buyers are still very active. We are coming out to the other side of the feeding frenzy real estate market we had over the summer. However, the buyers are plentiful for a variety of reasons.
If you are thinking about selling, it is important to understand the current real estate market. A trusted, experienced real estate agent is invaluable in helping you understand Panama City Beach and the Emerald Coast real estate market.
Life’s A Beach Real Estate can help you stay up on the current industry topics and trends. And help with questions, concerns, and much much more.
What To Do with Your Vacation Home as Summer Ends
As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021.
If you’ve taken your last vacation in Panama City Beach, and along the Emerald Coast this summer, here are reasons you should consider selling your vacation home this year.
1. Remote work continues to drive demand for vacation homes.
As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think:
“In 2020, across all nine divisions, the fraction of the workforce that work from home is typically higher in the vacation home counties than in the non-vacation home counties… The opportunity to work from home could further raise the demand for vacation homes in future years.
Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best, saying:
“Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”
2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.
When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as possible. This can include things like all-cash offers and more. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. That offer could give you the opportunity to purchase the primary residence of your dreams.
Or, if you find that you’ll continue working from home, you could consider taking up more permanent residence in your vacation home and selling your primary residence instead. While this isn’t a choice everyone can consider, it could be a great option.
No matter what the situation, you don’t have to make the decision on your own. Your trusted real estate advisor can help you determine your best option when you’re ready to sell.
Buyers remain interested in vacation homes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation homes. Let’s connect today if you’re ready to give your second home its day in the sun.
To learn more, reach out to our team. With two office locations, Life’s A Beach Real Estate is located in Panama City Beach. And Life’s A Beach Luxury Real Estate is located in Destin. We are here to answer your questions and help you find your piece of paradise.