Stay-at-home mandates during 2020 caused many homeowners to realize their home wasn’t accommodating to their lifestyle. At-home offices, media rooms, children’s school areas, gyms, and large yards were suddenly in high demand. These amenities became highly desirable and led many homeowners to invest in a new home.
Instead of purchasing a home near the office or in the same city, many people bought a larger second home farther away from the population to stay safe and have more space. These more spacious houses are also located on lakes or in the mountains, increasing the value.
High demand and low supply caused prices to climb, as primary residences expanded by nine percent in 2020. In every region of the United States and in 19 out of 20 major metropolitan areas, prices increased by double-digits. Sales for second homes increased by 27 percent in 2020.
Houses bought during the coronavirus pandemic were a fantastic investment because they served their function when necessary, and now, with higher sale prices, these second homes can be profitable. As the pandemic recedes and people retreat to their original homes near work, friends, and family, second homes are becoming more of a luxury rather than a necessity.
If a second home improved your day-to-day life during 2020, consider selling one of your houses to cash in on the profit. Decide whether your second home is still necessary to execute your daily functions such as work, school, and extra-curricular activities.
EB Mortgage is a locally-owned mortgage company with experts in new home purchase, refinancing, and commercial loans. Our wholesale rates can’t be beaten. We offer more products, more options, and more solutions. Our “3C” Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us at 866-246-0516 or e-mail firstname.lastname@example.org today.
Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.