With international travel at a standstill, many families are rethinking their vacations due to COVID-19. Since luxury trips abroad are challenging right now, people are turning to stateside getaways for a little rest and relaxation. Not only do families want a private vacation getaway, but some investors see the hot opportunity to pick up another vacation rental property.
How COVID-19 is Affecting Vacation Home Markets
Because of this shift, it’s no surprise to see that COVID-19 is having a positive impact on the vacation home real estate market. There’s an increase in demand in the most popular vacation destinations – with buyers looking at beach homes and mountain retreats.
Look at the statistics, and the numbers speak for themselves:
- Views of for-sale listings in beautiful travel areas are an estimated 50% higher than the page views in 2019.
- 90% of vacation markets in the US are experiencing growth (measured by newly pending sales).
- Some of the most popular vacation spots have seen pending year-over-year sales increase by more than 30%.
The strong demand in the market shows a solid foundation for investing in real estate. People want the benefit of putting their cash into hard assets while also having a place to enjoy with their families.
What is Driving the Demand?
Why has this pandemic boosted the vacation home market? Families are looking for a place to go, and options are limited because of mandates and travel restrictions. Simultaneously, people want to have a getaway without worrying about unnecessary exposure to the virus that might happen in a hotel.
Another factor that is impacting this demand is the huge increase in work-from-home opportunities. When offices shut down, employers quickly adapted to provide solutions for their teams to work remotely. Many companies have indicated that they are planning to maintain the work-from-home positions indefinitely, which gives employees more flexibility in choosing another location in which to live.
Since they are now commuting from the bedroom to a home office, home buyers are looking for convenience and amenities in desirable locations. Some people are making it a permanent move, while others want the long-term option to switch between their primary residence and a vacation home.
Choosing the Perfect Vacation Home
If you are looking for a vacation home, then working with a trusted real estate agent is an essential first step. Decide on crucial points that will help you select the right property, such as the desired location, climate preferences, and home design.
Our experienced team is here to help! Reach out to Kirsten DeHart at Wood River Properties to learn more about luxury real estate in beautiful Sun Valley: (208) 721-4131.