Is it time to sell your second home at Lake Oconee. To find out what your property is worth call Jennifer Vaughan 706-431-0678
. During the pandemic, second homes became popular because of the rise in work-from-home flexibility. Owning a second home
, especially in the luxury market allowed homeowners to spend more time in their favorite places or with different home features. A luxury home isn’t 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.
The Lake Oconee area is well know for all of the amazing communities available. The area saw record breaking increase in equity throughout the pandemic. Since lakefront and waterfront homes are in limited supply, this area is still seeing above average sales and home prices.
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.”
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.
Buyer demand is greater for luxury homes. 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.”
Now is a great time to sell if you own a luxury second home. There are still buyers in the market who are looking for a home like yours today.
Buyer activity is very strong in the Lake Oconee
market. If you are ready to sell your second home, be ready to negotiate but you will still capitalize on major equity gains from the pandemic because our area is still in high demand. Let’s connect to explore the benefits of selling your second home this year.