As a result of the recent pandemic, second homes have become increasingly popular as many take advantage of their newly found flexibilities in working from home. Luxury is not simply defined by price when it comes to these homes; instead, there are several other factors that come into play such as location and features. Investopedia recently wrote an article that delved more into what this entails - for instance, having your own waterfront property or living somewhere desirable can really elevate a home's luxe qualities! With any luxury purchase, it's important to be mindful about where you invest your money: after all, if done right the perks could go beyond just feeling fancy.
The Institute for Luxury Home Marketing's (ILHM) most recent study meticulously demonstrates the tremendous effect of remote work on the appeal for second and luxury residences.
“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.”
Have you recently purchased a second home that is no longer suitable for your changing lifestyle? If so, it may be time to let go of the property and sell it. Whether you’re transitioning back into an office or just finding other uses for your money, selling this excess asset could provide great relief!
Owning a luxury home is the dream of many, and with that comes buyer demand. According to The Institute for Luxury Home Marketing's report, there may even be an increased desire for these types of properties:
“. . . 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, butdemand 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.”
Now is the perfect moment to convert that unused luxury second home into capital. There are still buyers out there in search of a residence just like yours, so don't wait any longer!
Now is the perfect time to reap the rewards of selling your second home. Connect with us today and let's discuss how you can benefit from this opportunity!
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