Second homes have become popular during the pandemic because of the increased flexibility of working from home. This is because owning her second home, especially in the upmarket market, has allowed these homeowners to spend more time in their favorite locations and other home features. Remember, luxury homes are not just about price. In a recent article, Investopedia shared additional factors that put homes in this category.
Location such as a waterfront or desirable city home, and features, what makes the home itself 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 an historic development that will continue to fuel second home demand for many years to come.”
But what if you bought a second home that you no longer use? Now, when you return to the office, or your priorities and needs change, you may find that you are not making the most of your Second House. If so, it may be time to sell it.
If you own a luxury home, buyer demand can be even greater. In a separate report, the Luxury Home Marketing Institute said:
“. . . 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 soared over the last two years.
This phenomenal 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 have a luxury second home that you don’t use much, now is the time to sell. There are still buyers on the market today looking for homes like yours.
Bottom Line
Let’s connect to explore the benefits of selling your second home this year. find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Mon, 16 Jan 2023 22:50:51 +0000
