Vacation Homes are Hot
With the sizzle of summer, it’s easy to think of owning (or at least renting!) a vacation home this year. In fact, recreational home buyers came out full force in the 2nd half of 2020 thru April 2021 in search of that lakefront home or cabin in the woods. The National Assoc. of Realtors (NAR) just released The Vacation Home Counties 2021 Report analyzing how the pandemic impacted this demand and not surprisingly, vacation home sales jumped 57% year-over-year during Jan-April 2021.
“Vacation homes are a hot commodity at the moment,” says Lawrence Yun, NAR’s chief economist. “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.” We saw it in our area this spring with bidding wars on the smaller ponds like Chalk Pond resulting in prices over $600,000.
While our market seems to have settled down from the earlier months of frenzied buying, the second home market is expected to remain strong given the low supply and high demand. Thinking of buying or selling that second home? Contact me and put my 21 years of local expertise to work for you.