We are still in he heat of the vacation home-buying season - so take advantage of it while you can!
While there is only one month left of summer, there is certainly still a market for vacation property buyers. The sun is still out, and sales are still hot!
However, there are a couple things to keep in mind when selling vacation homes to interested buyers. For starters, the demand for vacation homes is higher than it has ever been. Out of all home sales in the United States last year, 21% of those sales were vacation properties.
Vacation homes are also pricier than they have ever been. They have skyrocketed to an estimated average of $1.3 million, which is which is the highest average calculated since the National Association of Realtors (NAR) began conducting their home price survey back in 2003.
Therefore, it is important to have a target audience in mind when selling vacation homes, much like you would when selling any other type of home. The average household income for vacation homebuyers is approximately $95,000, so it would make sense to set your search around upper-middle class to upper-class homebuyers – typically those making $70,000 or more.
It is also important to keep in mind what areas are in the highest demand for purchasing vacation homes. In order, homeowners in Seattle, New York, Chicago, Houston, and Atlanta are the most likely to purchase vacation properties in another part of the United States.
The drive for vacation homes is about to come to a halt until next summer, so if you have a client who may be interested, now is the time to seal the deal! Peak times for vacation property purchases typically fall within July and taper off throughout August, as people become less driven to purchase as the months get colder and the idea of warm vacations seem further away. So, hop on the vacation trend now while interest (and the weather) is still hot!