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Tuesday Morning Coffee- Vacation Homes Are Still Strong

Posted by Allison Simson on Saturday, July 3, 2021 at 12:15 PM By Allison Simson / July 3, 2021 Comment

Tuesday Morning Coffee - Vacation homes still strong ?

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 Happy Tuesday Morning to YOU!
 
I hope you had an enjoyable and festive holiday weekend!  If you were up here in Summit County, or even if you weren’t, you may be longing for a second home in the mountains.  You’re not alone.  Many people have realized they can work from anywhere and as a result, can spend more time in the mountains (or at the beach) doing what they love.  Here’s an article I found interesting…
 
Demand for Vacation Homes Is Still Strong

The pandemic created a tremendous interest in vacation homes across the country. Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis. With many professionals working from home and many students taking classes remotely, it made sense to see a migration away from cities and into counties with more vacation destinations.
The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows that this increase in vacation home sales continues in 2021. The report examines sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.
Their findings show:
  • Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
  • Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
  • Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.
This coincides with data released by Zelman & Associates on the increase in sales of second homes throughout the country last year.
As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.
Bottom Line
If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market. If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment.
 
If you’d like to discuss some long or short term strategies to maximize your investment, just holler – or text or call or email!  ?
 
 
Warmly,
 

 
New to Market~ Single Family Home Breckenridge  ? 4 Bedrooms ? 3 Baths Offered at: $1,550,000 This newly remodeled residence is perfectly placed at the end of a cul de sac and just minutes to Peak 7 & Main St Breckenridge. The home boasts a big bright open floor plan, vaulted ceilings, new luxury vinyl floors, new carpet, fresh paint throughout, gorgeous new kitchen and bathrooms. Plenty of space for the entire family to enjoy with the lower level living room and a loft. Step outside and enjoy the quiet setting and serene mountain views on one of the 3 private decks. Welcome Home! More Details & Photos Here
New to Market~ Condo Wildernest/Silverthorne  ? 2 Bedrooms ? 2 Baths Offered at: $600,000
Perfect getaway from the real world! Your oasis in the woods...stroll out to hiking or snowshoeing trails. Relax in the hot tub while the kids wear themselves out in the pool. No steps will save your leg strength for the slopes! Cute as a button w/ great decor. Updated kitchen-pretty cabinetry & stainless appliances. Wood Fireplace, 3 great clubhouses w/racquetball, tennis, hot tubs & more. Sleeps 8. Complex has Solid rental history. Make this your place to get off the grid for a while & unwind! Currently short term rented with Evolve. Click here to see Rental Link.
More Details & Photos Here 
? #MarketMonday? Be sure to check out Allison Simson's June Market Insights. More inventory is moving fast. Keep up by connecting with our Real Estate Matchmakers today! Follow Us @SummitRealEstateColorado.
Did You Know There Are Three Things To Prioritize When Selling Your Property?
This week Summit Real Estate's Allison Simson gives us the inside scoop on important steps to take to get your home ready to sell! Todays housing market is full of unprecedented opportunities- high buyer demand paired low inventory is creating the "Ultimate Seller's Market" which means it's a fantastic time to sell your property! However, it doesn't mean that sellers are guaranteed success no matter what...There are still some key things to know so that you can avoid costly mistakes when you're selling your property.
? Number One: Price Your House Right - When inventory is low, it's common & tempting to think that buyers will pay whatever price a seller asks, and that you (the seller) can set your listing price at wherever you want. - Listing your property for the right price is the right ticket to maximize the number of buyers, create environment for bidding wars & multiple offers which can ultimately lead to an increase in sale price!
? Number Two: Keep Your Emotions In Check - In 1985 the average number of years owners owned their homes was 5 years, today it's close to 10 years. The downside to owning a property for a longer period of time is the emotional attachment that comes with it- making it more difficult to sell. - It's a good idea to get some help, get a realtor who can help you navigate and negotiate through these emotional times.
? Number Three: Stage Your House Properly - It's important to neutralize your home because buyers may not feel the same way about the way you design your home. - Manage clutter, keep furniture, decor, family photos, and personal items to a minimum. - The buyers want to envision their personal belongings in the home they are looking to purchase so they can visualize their future in that property.
? BOTTOM LINE: Todays seller's market might be your best chance to make a move! If you're considering selling your property here in Summit County connect with us today so you can have good guidance & we can discuss how to navigate through the process and get you where you want to go!
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Warmly,

Allison Simson, Kelie Gray, Trisha Moore, Isabel Rawson, Deena Heppner, Brandy Morgan, Margaret Bowes, Allyson Ertel, Julie Gonzales & Joy Lukasiewicz
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