Owning a second home became more popular during the pandemic because of the rise in work-from-home flexibility. This is especially true in the luxury home market, where homeowners can spend more time in their favorite places or with different home features. However, it’s important to remember that a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.
A recent report from the Institute for Luxury Home Marketing (ILHM) explains just how much remote work impacted the demand for second and luxury homes:
“The unprecedented ten-fold increase towards remote work since the pandemic is a historic development that will continue to fuel second home demand for many years to come.”
If you own a second home that you don’t use as much as you thought you would, it may be time to sell it. With more people working from home, you may find that your priorities have changed and you don’t need the extra space. Whatever your reasons for selling, we can help you get started.
And if you own what’s considered a luxury home, buyer demand for it may be even greater. In another report, the Institute for Luxury Home Marketing explains:
“…the last few years have left their legacy for the luxury market. While it might only represent a small percentage of the overall real estate market, luxury homeownership’s influence is growing. Not only has the purchase of homes valued over $1 million (a figure considered by the National Association of Realtors to be a benchmark for luxury) tripled from 2.6% to 6.5% since 2018, but demand for multiple luxury properties has soard over the last two years.
This phenominal increase has been driven by a growing affluent demographic who consider owning a luxury property a necessity in their asset portfolio. All indications are that this trend is here to stay, albeit that demand is set to return to a more sustainable level.”
If you own a luxury second home that isn’t being used as much as it once was, now might be the time to sell. There are still buyers out there who are looking for homes like yours. So if you’re thinking about selling, don’t wait any longer.
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Let’s connect to explore the benefits of selling your second home this year.
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