If you are starting to feel like you’ve outgrown your second home, you aren’t seeing the value you expected or if you feel that it’s time for an upgrade, then now is a great time to consider your options and reinvest in another vacation home. Though much depends on your specific situation, the timing is perfect for a potential homebuyer looking in and around Destin, FL.
Timing is very important when buying or selling a second home. You want to make a good investment, and a lot depends on the state of the market, interest rates and your own financial situation. Fortunately, mortgage interest rates are still around four percent, which is close to the lowest they’ve been in six years. According to the National Association of Realtors, who estimates a 30 percent increase in home sales over the last year, the purchase and sale of second homes is rapidly approaching peak levels set in 2006. The majority of purchased vacation homes in 2013 were in areas like Destin, where a growing tourism industry and real estate economy are turning vacation homes into smart buys. With vacation home sales rising across the United States, Destin is now one of the best places to sell in the USA.
Knowing When to Trade Up
It’s not uncommon for a family to outgrow a vacation home. Most homebuyers only plan to own a second property for an average of six years before they consider reinvesting. If your vacation home is beginning to seem cramped, or if you’re no longer happy with its location or amenities, then you should strongly consider selling your old home to purchase another property more convenient to your needs. Your second home in Destin is worth more now than it has been in the last six years, and with interest rates at close to a six-year low, a new beach home with a different mortgage is a savvy investment.
Am I ready to sell my vacation home?
It can be hard to decide if you’re ready to sell your second home. Here are a few common situations for people looking to sell or trade up:
- Is my house still large enough to accommodate my whole family?
- I’m not satisfied with the location of my second home.
- My rental income is not adequately covering the costs of my second home.
- I want to downsize after the kids won’t be visiting as much.
Much may have changed since you purchased your second home in Destin. Your family may have grown, you have more time to spend full-time in your vacation home or you are hoping to downsize. Regardless of the situation, it’s always worth it to keep a close eye on the value of your second home. With today’s interest rates, and the state of real estate in Destin today, now is the perfect time to trade up. If you are considering selling your home this summer, please don’t hesitate to give us a call. Further information about selling your home can be found in our Definitive Guide to Selling Your Home.