If you own a vacation home or condo, now is a good time to sell it. Vacation home sales are skyrocketing in locations like ours more than they ever have because folks are able to work remotely and move from colder climates to our slice of warm paradise.
But before we dig into some reasons that confirm selling your vacation home will bring you a good return on investment, I want to make sure you know the difference between two vacation home variants: a second home and an investment home.
A second home.
Unlike the name, a second home may not actually be the second home you buy. In fact, lenders and investors consider a second home a vacation home if the owner lives in the home for part of the year, if it is occupied by someone year-round, if the owner is the only one who controls the property, if the property is either a single-family home or condo, and if it is located at least 50 miles away from the primary residence.
An investment home.
In this case, just as the name implies, this is a home (or condo) bought as an investment that the owner does not live in themselves. They serve as a source of income for the owner as a short-term rental, long-term rental, Airbnb, or a flip for profit. Investment homes are within 50 miles of the owner’s primary residence.
To sell or not to sell?
Again, the short answer is yes, now is a good time to sell your vacation home because interest and demand from buyers is at an all-time high. But, it’s also important to take a deeper dive into some factors to consider, such as the home’s location and the housing market it is in (Myrtle Beach is hot!), the home’s condition, cleanliness, and more.
Also consider the time of year to list it for a more solid profit. For example, if you own a beach home or condo here on the Grand Strand, listing it in when the area is warmer and more popular, is probably best. Although, our area’s popularity time frame extends into the spring and fall as well. So that time is now!
The time to list your vacation home with Paige Bird is now because, in 2021, she: negotiated the sales price for her clients to get 1.27% more than the area’s MLS; sold 115 homes for a total of $33.9 million; sold 68 of those above sales price, with an average list to sales price of 99.08%; and sold listings ranging from $8500 to $1.495 million. Contact Paige Bird today so she can sit down with you to get started in the home selling process at 843-450-4773.
