Purchasing a Vacation Home
Since the start of the pandemic, vacation home sales have skyrocketed in comparison to previous years. According to the World Property Journal. Vacation and second home sales were up 118% in 2020 and 84% in 2021. As companies allow workers to continue to work remotely, there has been no slow down in the second-home real estate market. But what technically is a “vacation home?” We’ll break that down here.
Defining a Vacation Home
The National Association of Realtors (NAR) released their 2021 Vacation Home Counties Report that highlights the trends and data of home sales in “vacation counties” across the United States. NAR considers a county as a ‘vacation home county’ if vacant homes for seasonal, occasional, or recreational use account for at least 20% of the housing stock. As of 2019, 323 out of 3,143 counties were ‘vacation home counties.’ According to NAR, here in Western Washington, Mason and Pacific Counties are considered vacation counties.
What is happening in our local Real Estate Market?
In Mason County, the average home sale price is up 32.6% year over year. Which is 10% greater increase year to date when compared to Pierce County and surrounding counties. What is even more interesting, in very rural areas such as Tahuya, WA in Mason County, the average home sale price is up 69% year to date. Across the US, second homes account for 15% of new single-family home sales (Keeping Current Matters). If you currently own a home in a seasonal area and have thought about selling, now is a great time to take advantage of the market and sell at top dollar. Selling your vacation home requires the preparation and presentation, for you to make the most when selling. Parter with your Realtor to assist in preparing your home for sale. You will be so glad you did!
Curious how to finance your 2nd home purchase? Ready more here!