This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR), notes:
“Working from home is a positive factor in demand for vacation homes.”
Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, in the mountains, or somewhere in between. NAR explains:
“Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.”
If you’ve been thinking about selling your vacation home, putting it on the market now while demand is high might be your best move. Here are two reasons why.
1. Vacation Homes Are Selling Quickly
These homes are not staying in the market for very long. NAR also notes:
“In September, 68% of vacation homes sold in less than a month. Historically, about 30% sell that quickly…It’s a pretty amazing uptick compared to past years.”
2. Home Prices Are Rising
With an increase in demand, prices go up. NAR continues:
“In the third quarter, prices in vacation-home counties rose by about 32% year over year. Seventy-nine percent of these counties experienced year-over-year price gains. NAR defines a vacation-home county as one in which seasonal housing accounts for at least 20% of stock.”
If your vacation home is sitting idle, maybe not attracting as many renters as you usually see, or if you simply want to sell it so you can trade up or take it off your worry list, now may be the time. Demand is high, so you’re in the ideal spot to get a stronger return on your investment today.
Demand is on the rise, so let’s discuss your next steps when it comes to selling your vacation home.
Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process.
A recent article from Freddie Mac offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things:
“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”
Your real estate professional should be your primary source for answers to the questions you have when you’re ready to make an offer.
Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge if you enter a bidding war.
According to the Realtors Confidence Index, published monthly by the National Association of Realtors (NAR), the average property being sold today is receiving more than three offers and is only on the market for a few weeks. These are both results of today’s competitive market, showing how important it is to stay agile and vigilant in your search. As soon as you find the right home for your needs, be prepared to work with your agent to submit an offer as quickly as possible.
It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t submit an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:
“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”
After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). There are, however, certain contingencies you don’t want to forego. Freddie Mac explains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
Today’s competitive market makes it more important than ever to make a strong offer on a home, and a trusted expert can help you rise to the top along the way.
If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.
While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.
A recent study from Upwork notes:
“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”
To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.
The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):In some cases, moving a little further away from your current location might mean you can get more home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:
“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”
Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.
This has been a year of change, and what you need in a home is no exception. Let’s connect today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs.
Join in Lobstermania at the Ocean Reef Club this July 29th and July 30th.
VALUABLE INFORMATION - Link to Monroe County Sheriffs Office Lobster Mini Season Information
This July 29 marks the beginning of Ocean Reef 'Lobstermania.' Although it's a short two day precursor to the official opening of Lobster Season in August, it's the perfect reason to indulge in a month-long rental or purchase of a home at North Key Largo Real Estate's private fishing and golf club. How else will you catch and consume your delicious fresh Florida Spiny Lobster?
LOBSTERMANIA - untangle the secret of how to net the right sized bug...and you get a madcap weekend full of fun competitions, prizes and activities. It's always the last Wednesday and Thursday of July - when the Florida Keys in general and Ocean Reef Club in particular, go crazy for lobster.
Members of the Ocean Reef Club and their guests are offered two days to forage and then feast! While the focus is on the hunt for lobster – there is life beyond the bug.
Lobstermania, for those who want to relax as the festivities unfold offers an alternative schedule. But for the adventuring crustacean hunters among you - once you have your bag limit - drop your catch off by 5pm and return later to enjoy a freshly prepared dinner.
LOBSTERMANIA TWO-DAY COMPETITION WEDNESDAY, JULY 29 & THURSDAY, JULY 30
9:00AM – 4:00PM
Heaviest lobster wins in this two-day competition. Bring your bugs to the weigh scale outside Orvis, dock side to enter this complimentary competition. Details: 305-367-6526
AWARDS PRESENTATION
THURSDAY, JULY 30 5:00 P.M.
BURGEE BAR
All weigh-in participants invited.
COOK-YOUR-CATCH
DINNER SPECIAL
WEDNESDAY, JULY 29 & THURSDAY, JULY 30
ISLANDER, GIANNI & BURGEE BAR
Drop your lobster off by 5:00 p.m. and return to enjoy a succulent dinner, freshly caught with your own two hands.
Reservations: 305-367-5931
Link to Florida Fish & Wildlife Conservation Commission Lobster Mini Season Informational Film by FWC Officer Bobby Dube
Beyond the excitement of a fresh-from-the-ocean delicacy only available here in the Florida Keys, there is everything else to love. When you can fly right into the Ocean Reef Airport's private 4,000 ft runway, perhaps it isn’t unreasonable to throw your catch in a cooler and bring it home with you.
But why leave when the good life and luxury surround you? The immaculately tended, well-masterminded homes, the nature, the azure blue water that wraps and weaves its glistening way throughout this North Key Largo private fishing and golf club all beckon you to stay.
LAUNCH YOUR BUG HUNT FROM YOUR DOCK & GO
The scene here fits perfectly with the concept of epic Yoga sunrise and sunset poses. Whether you want to hunt lobster or immerse yourself in golf, fishing, tennis or croquet. The hustle of Miami is 60 miles away! And the rich culture, both literary and piratical, of Key West is 120 miles straight down US1.
And although the Ocean Reef Club marinas are occasionally home to south Florida’s largest collection of mega-yachts, the way the Equity Members feel about keeping their sanity intact, it’s no surprise it’s incredibly peaceful and with a dress code, rather well-heeled.
Truly, the Ocean Reef Club is a place in which to invest. This is a one-of-a-kind experience that many do find difficult to leave behind. So the quandary is to buy and live, to buy for investment, or to rent once in a while?
As ‘Lobstermania’ presents the good life, and a perfect opportunity to sample the adventure surrounding you here with a test of one's bug hunting skills. It also offers the opportunity to contemplate one's options.
Known for its great food, great service, and great location (who doesn’t love Buccaneer Island) the members of the Ocean Reef Club lost their favorite restaurant for a whopping 505 days after Hurricane Irma! (But who’s counting?) With a storm surge that engulfed the restaurant resulting in a total loss, post-hurricane recovery and rebuild included a complete gut and remodel of the beloved eating place.
Now, 505 days after Irma (again, who’s counting?), agents from our office were excited to attend the long awaited Ribbon Cutting Ceremony at the NEW Islander Restaurant of the Ocean Reef Club.
It was a beautiful happening where many gave words of gratitude including our Club Chair, Teresa Holmes, our new Club President, Serge Rivera, Member and PAC Chairman, Alan Goldstein, Monroe County Mayor, Sylvia Murphy, and Senior Vice President of Food, Beverage & Lodging Operations, Giovanni Melis.
Our favorite moment of the ribbon cutting, besides the actual cutting of the “ribbon” (a fishing net was used in theme), was when Giovanni ended his words with “Congratulations to you! This is YOUR restaurant!” The gathered crowed roared in applause and raised their champagne in a moment most won’t forget.
Now why do we think you should head over their now? Well:1. You can’t beat the smell of a brand new restaurant.And the décor? Breathtaking. The interior design of the restaurant seamlessly incorporates the relaxed feel of the islands with modern luxury. You'll want to get in there and sit in the cozy entrance lounge, just next to the new bar, and enjoy your favorite adult libation2. The Sushi Bar.Seriously. There is a sushi bar with the kindest sushi chefs in the biz behind the glass. When you sit at the bar, you may also enjoy the overhead mirror that allows you to view the entire sushi making process in real time.3. This is YOUR restaurant.To the members of the Ocean Reef Club: This is your club. Your support and love of this club is everything. Without you, none of this would exist. So get out there and enjoy YOUR restaurant.