Second-homes are In Demand in 2022 and it’s not only retirees or snowbirds who are purchasing Second/Vacation homes; employees who work remotely are buying them also.
The Pandemic changed the way we do things in so many ways and one of the significant changes is office space. Employees are no longer going into the office as much anymore and are working from “home”. Since home offices can be mobile, employees may choose where they want to work – even if it is on a golf course.
According to a recent Redfin report:
“Demand for vacation homes was up 77% from pre-pandemic. The wealthy are still flush with cash and have access to cheap debt, which is why second-home purchases remain far above pre-pandemic levels,” says Daryl Fairweather, Redfin’s chief economist. “While interest in second homes is stabilizing after the big boom in the second half of 2020 and the beginning of 2021, I expect demand to remain high well into this year. Remote work isn’t going anywhere, and mortgage rates are still quite low.”
It seems that the demand for Second-homes will become even hotter in 2022. “Interest in second homes started to surge in mid-2020 as affluent Americans dispatched to vacation destinations, taking advantage of low mortgage rates and remote work.” (Redfin)This coupled with Companies realizing remote offices are more cost-effective in the long run than renting office space to house their employees. Look around as you drive through the area, more commercial for rent signs and more vacant commercial buildings. This is a trend that could be here to stay.
So, what does this mean for you in the Desert? If you’re looking to sell, now is the best time to list your home. There are serious buyers out there now.
If you’re buying, you’ll want to get be ready when a property hits the market.