Summer is here and so are your vacation plans! With vaccines being distributed and more remote workers than ever before, many of us are planning our next getaway – and we are eager to do so. Some people are pointing their efforts at buying a vacation home rather than booking hotels.
In fact, Redfin, a national property broker, made a statement that mortgage applications for second homes in the United States have soared 84% year over year in January 2021.
This is no surprise, however. This trend is likely indicative to factors such as remote work, children restricted to online schooling, and limited social gatherings. A survey from The Harris Poll writes, “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.’”
In addition, there is promising data in the vacation industry. This industry has been on the rise for the past few years and is expected to continue in that direction. Even through this period of social distancing restrictions, the industry has remained constant in these trends.
The vacation home market is growing at a rapid rate. With Maryland being a popular vacation destination, you might be considering selling. If this is the case, then now is a prominent and highly lucrative time to do so. Thinking about purchasing a vacation home in the area? Contact one of our team members to discuss your second home vs. investment home mortgage solutions.