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Is It Time To Sell Your Second Home?

Friday, January 13, 2023   /   by Laura Larson

Is It Time To Sell Your Second Home?

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Due to the increased freedom of teleworking during the epidemic, second residences gained popularity. Those homeowners could spend more time in their preferred locations or enjoy other home amenities, which was made possible by buying a second house, especially in the luxury market.
 
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 property that is regarded as a luxury home, buyer demand can be high. The Institute for Luxury Home Marketing states in a report: “... 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. 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 own a luxury second home that isn’t being used as much anymore, now’s the time to sell. There are still buyers in the market who are looking for a home like yours today.
 
Bottom Line
Connect with Laura Larson to explore the benefits of selling your second home this year.