The answer is probably yes.
Let’s start with the statistics (from Realtor.com)
- National inventory declined by 19.9 percent year-over-year, and inventory in large markets decreased by 21.9 percent.
- The inventory of newly listed properties declined by 29.4 percent over the past year, and 28.6 percent in large markets
- The May national median listing price was $330,000, up 1.6 percent year-over-year.
- Nationally, homes sold in 71 days in May, 15 days more slowly than last year
How does this information relate to if you should sell your second residence?
Well if you’ve been traveling back and forth to your winter home, packing the car up, making that long drive, unpacking your items. Back and forth, back and forth, year after year – it may have started to become too much.
Factor into it the COVID-19 health crisis and you may be wondering if it is even safe to travel state lines each year.
The national data shows that no matter what state the home you’d like to sell is in, it is likely a seller’s market.
A seller’s market for your secondary residence is perfect. You can price your home at fair market value and likely enter into a multiple offer situation. You may even have a bidding war at hand. This is going to get you more money for your home, and you don’t even have to reside there while you are selling. Showings on vacant homes are safer for everyone! In a seller’s market the buyer is quick to take on closing costs, home warranty, and is less likely to ask for repairs considering how competitive the market is.
So – yes, if selling in the next year or two was already on your radar then you are in a GREAT position to sell a secondary residence. You may not even need to do any repairs! To weigh your options further be sure to give The Dependable Group a call at 860-447-3447