Demand for Vacation Homes Is Still Strong

Demand for Vacation Homes Is Still Strong | Simplifying The Market

The pandemic created a tremendous interest in vacation homes across the country. Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis. With many professionals working from home and many students taking classes remotely, it made sense to see a migration away from cities and into counties with more vacation destinations.

The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows that this increase in vacation home sales continues in 2021. The report examines sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.

Their findings show:

  • Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
  • Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
  • Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.

This coincides with data released by Zelman & Associates on the increase in sales of second homes throughout the country last year.

As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.

Bottom Line

If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market. If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment.

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Why You May Want To Cash in on Your Second Home

Why You May Want To Cash in on Your Second Home | Simplifying The Market

When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.

Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:

Dreaming of a Bigger Home? Why Not Buy It This Year?

Dreaming of a Bigger Home? Why Not Buy It This Year? | Simplifying The Market

Are you clamoring for extra rooms or a more functional floorplan in your house? Maybe it’s time to make a move. If you’ll be able to work remotely for the long-term or your overall needs have simply changed, it’s a great time to sell your house and move up. Why? With mortgage rates in their favor and higher-priced home sales powering more moves across the country, sellers in today’s market are finding the space they need (and have always dreamed of) by purchasing a home in the upper end of the housing market.

With so few homes available for sale and high demand from today’s homebuyers, sellers are profiting in major ways this season. Bidding wars are gaining traction, driving up the sale price of more and more homes throughout the country. This means sellers are able to leverage extra cash from higher-priced sales while also taking advantage of today’s low mortgage rates when they purchase their next home. It’s the perfect scenario to move up into a true dream home. According to the April Luxury Market Report from the Institute for Luxury Home Marketing: Continue reading…

Riverfront homes in Florida are becoming very scarce! Here are a Florida Riverfront Homes Still For Sale

Everyone moving to Florida wants to live on the ocean or the river!  I have put together this list of the latest florida riverfront homes for sale in the Greater Daytona Beach area! Volusia and Flagler counties! Living on the river is amazing! Who wouldn’t want to have Dolphins in the backyard, easy access to your boat, and some great places to enjoy like disappearing island.  IF your thinking about a beautiful place here in Florida give me a call!   James Jestes 386-315-4744

Florida Riverfront Homes For Sale

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10 Riverfront Homes For Sale In The Greater Daytona Beach Area

Riverfront properties here in the greater Daytona Beach Area are selling fast.

There are lots of great properties on the market right now in several of the surrounding towns. Ponce Inlet has beautiful riverfront luxury homes. Port Orange and Ormond Beach as well! Check them out! Let me know what you are interested in and let’s get out and see these homes in person. Do not hesitate to give me a call anytime: 386-315-4744 Real estate transactions are time-sensitive if you see the home you love call me so you don’t lose it to someone that acted faster.

The docks on the back of some of these homes are just to die for! With year-round usage of the river for all kinds of activities, why wouldn’t you want to own right on the river? We have very easy access to the Atlantic Ocean out of Ponce Inlet. The fishing just offshore is amazing.  The cobia fish were running offshore just a few weeks ago and we just finished up an awesome shrimping season in the ICW  just south a little south in Edgewater.

Latest 10 Riverfront Homes For Sale Florida

Out-of-state buyers are finding great deals in this part of Florida. People are moving to Florida by the thousands. Low Taxes and excellent quality of life here along the water. Try buying these homes in South Florida! They are going to be double in price compared to this area. But please realize the market is demanding higher prices and they are not going to come back down any time soon.

It’s a great day to buy a home on the river!

Tomorrow the price will have gone up! Don’t hesitate if you love the home you find on my website. Call me about any home that you find and have an interest in. You don’t want to delay and allow other buyers to compete with you for the home.

My name is James Jestes and I would like to introduce you to the Greater Daytona Beach area. There are lots of great towns in the area: Port Orange FL, Ormond Beach FL, Daytona Beach Shores FL, Ponce Inlet FL, New Smyrna Beach FL, and Of Course Daytona Beach FL.  Let’s discuss the things that are important to you and figure out which area is going to have your ideal riverfront home.   Call me today!  James Jestes 386-315-4744 eXp Realty.

There are wonderful riverfront homes for sale up and down the coast of Florida. You will want to find your home right here on the shores of the Halifax River.  Let’s find the house that is going to accommodate your watercraft. Maybe a couple of jet ski’s and a boat or two?  Check out this list as I am sure it will have a house on the river that suits you and your family’s lifestyle.  If you have any questions at all, I’ll get you the right answers.  Please give me a call anytime: 386-315-4744

Why This Is a Great Year to Sell Your Vacation Home

Why This Is a Great Year to Sell Your Vacation Home | Simplifying The Market

As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) reports:

“Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacation home, investment property, etc.) account for 15 percent of new single-family home sales.”

It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent survey from The Harris Poll:

“Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I realized I preferred smaller social gatherings at home or at friends’ place.’”

Not only are vacation homes seen as a potentially more pandemic-friendly way to travel and socialize, but they can also serve as an extended home-away-from-home. With more Americans being given the option to continue working remotely or retire earlier than expected, vacation homes can be used year-round. The NAHB explains:

“Remote work arrangements have made it possible for some wealthier Americans to move to alternate locations that are not just small, suburban shifts from within their current metro area.  More fundamentally, second home demand may also be benefitting by an acceleration of retirement plans, as well as stock market gains.”

Bottom Line

The demand for vacation homes has increased and will continue to rise as we head into summer. If you own a house in a destination area and have thought about selling, now is a great time to take advantage of today’s high buyer interest. Let’s connect to discuss your opportunities in our local market.

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The Luxury Market Is Attracting Buyers in 2021

The Luxury Market Is Attracting Buyers in 2021 | Simplifying The Market

As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:

“In a snapshot of 2020, despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”

With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:

“Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”

If you’re interested in buying a home this year, it appears that some higher-priced markets may have more homes to choose from than those at lower price points. Javier Vivas, Director of Economic Research at realtor.com, notes:

“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”

Bottom Line

If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. Let’s connect today to explore your possibilities.

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How Remote Work Can Power Your Vacation Home Sale

How Remote Work Can Power Your Vacation Home Sale | Simplifying The Market

This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR), notes:

“Working from home is a positive factor in demand for vacation homes.”

Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, in the mountains, or somewhere in between. NAR explains:

“Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.”

Is it Time to Sell Your Vacation Home? Continue reading…

Buyers Are Finding More Space in the Luxury Home Market

Buyers Are Finding More Space in the Luxury Home Market | Simplifying The Market

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.

Bottom Line

If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.

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12 Riverfront Homes For Sale In Florida

Riverfront Homes For Sale In Greater Daytona Beach Area Florida

 

Are you looking for a riverfront home in the Greater Daytona Beach Area? Have you been hunting for the perfect Florida riverfront home with a dock to keep your boat? Check out these 12 homes listed below. If you would like to get more information or schedule a showing please give James Jestes a call 386-315-4744

 

Florida Riverfront Homes For Sale
View more photos of this riverfront home

This home is a 5 bedroom, 7.5 bathroom home in the community of Daytona Beach. $2,890,000
Click here to see more information and photos of this luxury riverfront home.

The area’s most admired waterfront estate is being offered for the first time in decades. The nearly 7000 sq. ft. home plus guest home and outbuildings are situated beneath ancient oaks atop a bluff on a private 2.7 acres of rolling terrain with an unheard of 248′ of Intracoastal frontage. Designed and constructed in 1953 by Dr. Harris of The Harris Corp as the company ascended on the area to start the space program, the home’s building methods were the absolute best available without regard to expense and the incredible integrity and craftsmanship are immediately evident as you enter the home today. While the home was designed to entertain a large crowd it retains a rich, warm atmosphere among the gracious living spaces that make up the nearly 4000 sq ft of ground floor living. Continued..…

 

Florida Riverfront Homes For Sale
View more photos of this riverfront home

This home is a 2 bedroom, 2 bathroom home in the community of Halifax. $674,500
Click here to see more information and photos of this Intercoastal Waterway home.

INTERCOSTAL WATERFRONT!! Directly on the Halifax River with a 200ft dock perfect for fishing. Large outdoor area and small beach are great for entertaining or just relaxing and taking in the beautiful views. Home has been well maintained and has a Riverview from almost every room. There is also a large kitchen with a breakfast nook and a spacious living room with a formal dining area, spacious bedrooms, and a family room with absolutely stunning views, a Fireplace, and hardwood floors. This home is a must-see!! New roof, new 200ft dock!!…

 

Are you looking for a home in the Greater Daytona Beach Area? Contact James Jestes Today!
386-315-4744

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James Jestes, Your new favorite Realtor.

Hello my name is James Jestes and I am a Broker Associate with eXp Realty.  I am dedicated to helping you find your perfect new home. I’m a no hassle, no pressure agent here to help you accomplish your real estate goals. Please reach out to me and let me know how I can help you purchase or sell your home.

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James Jestes
eXp Realty
386-315-4744
James@JamesJestes.com

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