According to our data, 29.3% of all home purchases in this metro were made by people looking for a secondary home. Savvas holds a degree in Economics from the University of Bologna and has participated in numerous executive courses in luxury real estate marketing and negotiations at Harvard Business School, the MIT Sloan School of Management and Bocconi University. That's bound to affect just about every housing market in the country, some worse than others. Of course, there will be cases where you don’t have all the answers. The affiliate network is operated by Sotheby’s International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby’s International Realty, Inc. Beyond choosing the right channels for reaching out to your target buyers, there are three additional tactics I like to adhere to when assisting my clients in a second-home market. The current coronavirus situation has created a completely new group — families wanting to get away from the city where they can hunker down and even work from home — with a view. Midwest not a popular second-home spot – Eight of the 10 cities with the lowest share of second homes are in the Midwest. The Villages, a retirement community in Florida, is an attractive place to buy for people in the market for a second home. For more information, visit www.sothebysrealty.com. When that happens, simply admit that you’re not sure, but will research and report back as soon as possible. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. 8 Myths About Renting You Should Stop Believing Immediately, 6 Ways Home Buyers Mess Up Getting a Mortgage, 6 Reasons You Should Never Buy or Sell a Home Without an Agent, Difference Between Agent, Broker & REALTOR, Real Estate Agents Reveal the Toughest Home Buyers They’ve Ever Met, The 5 Maintenance Skills All Homeowners Should Know, Click for complete coronavirus coverage from realtor.com, Recession Alert: What Home Buyers and Sellers Need To Know About the Housing Market, Coronavirus Is Likely To Upend the Spring Home-Buying Season—and Not Just in the Way You'd Expect, How Record Unemployment Claims Will Affect the Housing Market, Your Essential Fall Maintenance Checklist: 8 Things You Really Should Do Before the First Frost, ‘Nobody Wants It’: Colorado Home at the Center of Netflix Murder Documentary Hangs in Limbo. “Transactions will decline. Agents are their trusted source of information on the ground; it’s our job to tell them what they need to know, without negatively impacting the sale. Secondary homebuyers in Ocean City are wealthier than residents who live there full time. There is no longer a vast supply of empty homes.

(This was for single-family, existing homes.) Homebuyers buying a primary residence in this metro had the lowest average mortgage in our top 10. Even though English may be our chosen bridge to our clients, we remain sensitive to the language barriers that exist. Below, we look at data to rank the hottest secondary home markets in America. Older individuals are particularly vulnerable to COVID-19, with some of the highest mortality rates. "They're saying, 'Let's wait. Traverse City, MI. Have a beautiful catalog on-hand, keep track of your available inventory at all times, and be prepared to embrace international media exposure when it comes your way — or when you spot an opportunity to pitch and promote your market. However, his team is still seeing multiple offers on less expensive fixer-uppers that are priced right.
We compared them across the following two metrics: We divided the number of homes purchased as non-primary residences by the total number of home purchases for each metro area.

In the Hill Country, which stretches from San Antonio to Austin, Swartz said second-home buyers can choose from ranch acreage to single-family lots/homes ready for their next owner. Class... Lorem ipsum dolor sit amet, consectetur adipiscing elit. Once the virus is under control, vacation home buyers and retirees may want to buy property closer to their primary homes and family, says Sudesh Mujumdar, dean of the College of Business Administration at Savannah State University in Georgia. “Most housing markets in the country will take a significant short-term hit due to COVID-19," says Wolf. Demand for these properties is high and our clients are discerning, making second-home markets both hectic and thrilling for agents. Access to all Inman content, discounted Connect tickets, exclusive videos and more, 3 trending outdoor amenities buyers are looking for, When a second home becomes a first home: helping buyers make the switch, Furnished or unfurnished? Homebuyers may choose to buy second homes as investments, taking advantage of rising home values. “People are buying at about the same clip as they were before the pandemic and may be even more motivated after self-quarantining,” he said. The most vulnerable county was Horry County, SC, home to Myrtle Beach, with a median county home list price of $239,050 as of February, according to the most recent realtor.com data. Of the roughly 6,800 homes bought here in 2016, 2,360 were purchased by people in the market for a secondary home. She is also a licensed real estate agent. And 1 in 7 visitors is coming to the city for a convention, most of which have been postponed or cancelled. Ask our Home Buying expert. Sales have climbed in numerous second-home markets.

Sotheby’s International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. But real estate professionals are optimistic that these near-term vulnerable markets, like the rest of the nation, will likely bounce back once the virus is contained. Around 2,030 homes were purchased here in 2016. Luxury buyers flock to second-home markets Much of the traction in the luxury housing sector unfolded in second-home markets near dense cities …

Properties here are much more affordable on average than they are in Naples-Immokalee-Marco Island. Supporting events is another strategy my team and I invest in. It looks like Cookies are disabled in your browser. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. Of that number 628 went to people buying second homes. 8). The Jersey Shore, Cape Cod and Maui top the charts. And most already have homes, so moving to a retirement community or a sunny, new locale isn't urgent—it can be put off until the crisis has passed. Ocean City lies on the famous Jersey Shore. English is the universal language for our marketing. Crestview-Fort Walton Beach-Destin, Florida. A powerful website is the keystone of a holistic marketing strategy: and for second-home markets, it’s your online office. But which are the most vulnerable? There’s simply a real difficulty showing and looking at homes.”. That same figure for people buying a primary residence is $204,000.

That equals roughly 30.9% of all homes. "It had been a long time coming.". The median home value in the U.S. increased from $194,500 in 2015 to $205,000 in 2016.

Second-home markets hope for the best as stay-at-home rules extend. In Atlantic County, home to Atlantic City, NJ (No.3 on our list), folks struggling to pay their bills may sell their vacation homes to help alleviate some of their expenses.

The typical home spent 56 days on the market this August, which is five days fewer than last year.

With that in mind, connecting with second-home buyers means identifying them and reaching out through the right mediums. Tags: real estate, housing market, home prices, new home sales, existing home sales, pending home sales, housing, renting Devon Thorsby is the Real Estate editor at U.S. News & World Report, where she writes consumer-focused articles about the homebuying and selling process, home improvement, tenant rights and the state of the housing market. Older Americans, who are more vulnerable to the virus, are increasingly reluctant (or unable) to visit potential forever homes in warmer-weather states. To find the places with the hottest secondary home markets in the U.S., we looked at data for 402 metro areas. The housing market in this metro area is on the expensive side. How Did COVID Affect The Market For The Better? Savvas Savvaidis, CEO at Greece Sotheby’s International Realty, is a seasoned real estate professional with over 20 years experience in luxury residential real estate. Click Follow Search to get alerts on new listings. Naples-Immokalee-Marco Island, Florida. New developments in Galveston include luxury condos with views for miles and existing inventory, from Victorian and historic homes, new developments, lock-and-leave luxury beach condos — Diamond Beach, Emerald and Palisades — and the soon-to-open United States National Bank Building (circa 1925), on 2201 Market St., in the heart of downtown. "[But] ultimately the housing market is going to come back.".

They tend to offer lots of natural beauty, plenty of local, unique attractions, and a plethora of places to grab a bite and a drink. One of the most historic beach locales in America takes our fifth spot. To complete our rankings, we compared two metrics: the total number of home purchases and the number of home purchases made for non-primary residences. Single-family home sale prices in the Myrtle Beach metro area peaked at $242,310 in July 2006, according to multiple listing service data provided by Salvino.


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