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Should You Sell Your Lake Home?

During the pandemic, lake homes and other luxury second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home allowed those homeowners to spend more time in their favorite places, such as Lake Nacimiento. 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 community, and features, the things that make the home itself feel luxurious. Your Oak Shores lake home, even if not in a luxury price point is very much desirable in today’s market.

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 your lake home.

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, especially in the Oak Shores community.

Ready to sell your Oak Shores lake home? Give our Oak Shores Realty team a call today! Let’s discuss your goals, your timeline, and a plan of action, to make those goals a reality as soon as possible.

Jasmine Duncan

Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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