Do you want to sell a vacation home? Are you wondering when the best time to sell a vacation home is? Statistics in the past few years illustrate just how much the second-home market continues to surge, providing a great opportunity for those ready to move on and determining how to sell a vacation home. The 2014 National Association of Realtors’ “Investment and Vacation Home Buyers Survey” revealed that 717,000 vacation homes were purchased in 2013. Click on the image to the right to reveal some other interesting and recent data regarding vacation homes from realtor.org.
So, if you own a vacation home and you are thinking of selling, where do you start? Below are a few considerations.
First: Before Asking How To Sell A Vacation Home, Decide If You Really Want To Sell It
This may sound like a silly question if you have though enough about selling your house to reach this post, but are you REALLY ready to sell the vacation home? Before selling it, you might consider a few other options so that you can continue to use it for
your family. Do you have kids? If so, how old are they? If they are nearing independence, it might be worth hanging onto the house for them. Perhaps they would be interested in either renting out from you for vacations, or even moving to the area and living in the house. Whatever the case, it’s worth discussing the decision with the whole family.
It’s also possible that you could share the cost of maintaining the property with other friends and family. Many people also choose to utilize Air B&B and other websites that make finding renters easier. If you could make sure the house was rented most weekends, would it make a difference?
If you considered the above and still want to sell, keep reading!
Second: Determine The Best Time To Sell A Vacation Home
If you have decided to sell a vacation home, then begin the process by doing some market research. Summer is often thought of as the busiest season in real estate – but not every city is the same. What city is the house in?
If the location is great for skiing or winter sports, then selling during the ski season makes sense. You will have more competition, but overall the influx of buyers will give you a better pool to choose from.
If the city is particularly hot, then your busy season might be the spring instead of the summer.
If the area is great for camping or hiking, then fall would be your best bet.
Three: Start Cleaning Up The Property Early
If you don’t reside in the house, then start preparing the property early and give yourself plenty of time. Do the repairs you will need to do, or start scheduling the repairs to happen with contractors. Make sure to clean the house well and KEEP it clean. You might consider having a housekeeper come to the house a couple times a month if your schedule doesn’t allow you to visit often.
Fourth: Find A Knowledgeable Agent
The agent you choose will need to have additional knowledge besides traditional market knowledge. Find an agent familiar with seasonal patterns and trends that can help you determine the best time to sell. Additionally, find someone that will be able to talk to potential buyers about rental prices, the rental market and what attracts rental buyers. It would also be good to educate them regarding the cost of maintaining a rental property.
It is very common for sellers to come to Big State Home Buyers to sell their additional or second homes because of the ease of the transaction and our unique, extensive market knowledge.