Is it Time to Sell Your Vacation Home?
While the travel in Western North Carolina is one of the major sectors that’s been hit extremely hard by the COVID-19 pandemic. Today, it seems to be improving but still hard to know how long it will take for summer travelers to be back in action and for the industry to fully recover. Homeowners in the Waynesville, Maggie Valley NC who are seasonal renting their secondary properties on their own or through programs have been impacted in this challenging time. Some of these homeowners are considering selling their vacation homes, and understandably so.
A recent CNN article indicated:
“With global travel screeching to a halt during the pandemic, a number of Airbnb hosts are planning to sell their properties…These desperate moves come as hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.”
If you’re one of the property owners in this position, you too may be feeling the pain of decreased travel, especially as we prepare for the typical busy summer vacation season. A recent survey notes that 48% of Americans have already canceled summer travel plans due to the current health crisis. In addition, 36% indicated they don’t have vacation plans, and only 16% said they did not cancel their summer travel.
The same survey also asked, “How long will you wait before traveling again?” Not surprisingly, only 29% of respondents are planning to travel within the next 6 months. That means 71% are putting their plans on hold for at least 6 months or are still unsure about future travel. That can continue to add to the significant income loss that many property renters felt this spring.If you’re considering selling your rental property, know that there are two key factors indicating that selling your vacation home now may be your best move as a homeowner.
- Waynesville and Maggie Valley NC Home Inventory Shortage
The inventory of overall homes for sale in the Maggie Valley and Waynesville NC is 25.3% below last year comparing same to time. Homes in Haywood County NC are under contract and Close within 39 days from the time they are listed with a real estate agent. Waynesville and Maggie Valley home buyers are now searching for a home like yours. According to the National Association of Realtors (NAR).
- Home Prices in Waynesville, Maggie Valley, Clyde, Canton and Lake Junaluska
The lack of inventory is also keeping homes from depreciating in value. Today, prices are holding strong and have increase 11.6% over 2019. Experts forecast home price appreciation to continue throughout this year. Selling your home while prices are holding steady is a sound business move. You’ll likely have more equity you’ve earned working for you as well. If your home has been vacant for the past few months, the forced savings you have built in your equity may help balance out possible rental income loss due to the slowdown in the travel industry.
We don’t know exactly when heightened summer travel will return or what it will look like when it does. If you’re considering selling your vacation home, let’s connect today to determine your options in the current market.