• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

myHBliving

Huntington Beach Lifestyle

  • Real Estate
    • Instant Home Value
    • Start a Home Search
    • Buyer’s Guide
    • Seller’s Guide
    • Communities
      • Downtown HB
      • Northeast HB
      • Northwest HB
      • South HB
      • West HB
  • Information Hub
  • Huntington Beach Living
    • Lifestyle
    • Outdoors
    • Restaurants
    • Events
  • Fundraisers
  • Contact

Is It Time To Sell Your Second Home?

January 12, 2023 by Megan Gullotta

Is It Time To Sell Your Second Home? Simplifying The Market

During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.

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 an historic development that will continue to fuel second home demand for many years to come.”

But what if you bought a second home that you no longer use? If you’re now shifting back into the office or are seeing your priorities and needs change, you may find you’re not utilizing your second home as much. If so, it may be time to sell it.

And if you own what’s considered a luxury home, buyer demand for it may be even greater. In another report, the Institute for Luxury Home Marketing explains:

“. . . 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, but 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

Let’s connect to explore the benefits of selling your second home this year.

More Posts

You May Not Need as Much as You Think for Your Down Payment [INFOGRAPHIC]

Experts Forecast a Turnaround in the Housing Market in 2023

Should You Rent Your House or Sell It?

Lower Mortgage Rates Are Bringing Buyers Back to the Market

Primary Sidebar

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

STAY UP TO DATE!

Never miss a thing in Huntington Beach! Let me keep you in the loop by getting fun local events & local real estate news delivered straight to your inbox!

Your information is never shared.

Categories

  • Fundraisers
  • Information Hub
  • Lifestyle
  • Local Events
  • Outdoors
  • Restaurants

Footer

Megan Gullotta
Realtor

Connect with Me on:

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Copyright © 2023 · Agent Focused Pro on Genesis Framework · WordPress · Log in

Seven Gables Real Estate. Equal Housing Opportunity. Agent Lic. #01964682 | Office Lic. #00745605.
© Copyright 2020 myHBliving | Megan Gullotta. All Rights Reserved. Privacy Policy