Is It Time To Sell Your Second Home?

Abstract

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 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 you own what's considered a luxury home, buyer demand for it may be even greater. There are still buyers in the market who are looking for a home like yours today.