Let’s face it – North County San Diego is so appealing that many people decide to buy a vacation home here. And why wouldn’t they? With our year-round temperate climate, our proximity to the beach and mountains, and our endless array of things to do and see, it’s no wonder people want to spend time here. And while the vacation home market has always been popular, it’s super hot right now because of the pandemic. Let’s take a closer look at what is driving this trend.
Remote work is on the rise
First of all, one of the biggest reasons that vacation homes are in demand is because so many Americans are working from home. And while some workers will eventually return to the office, many will see their jobs become permanent work-from-home situations. If you’re working from home, then chances are that home can be anywhere. Why settle for a cramped apartment in the city when you can enjoy the sunshine and space of the suburbs or country?
Mortgage rates still rock bottom
Mortgage interest rates have never been this low. And experts forecast that interest rates for home loans will continue to stay at these historically low levels for some time. Homes are more affordable when interest rates are low, which can encourage more people to consider a vacation home. And low interest rates mean you can get more house for the same amount of money.
Home prices continue to climb
Home prices have been steadily climbing and experts predict they will continue to rise during 2021. If you’ve been thinking about selling your North County vacation home, then now is an excellent time to get a great return on your investment. In addition, as home prices increase, so does home equity. Current homeowners can use that additional equity in their homes to finance the purchase of a vacation home.
There’s a shortage of inventory
Buyers for both traditional and vacation homes have been flooding the market. But sellers have lagged behind, causing a shortage of inventory. When there are fewer houses to choose from and more buyers in the market, homes sell quickly. According to the National Association of Realtors, vacation homes are selling at a record rate. In September, 68 percent of vacation homes sold in less than a month, up from 30 percent in the past. In addition, they accounted for 6.3 percent of overall sales, up from 4.5 percent in the previous quarter.
North County has so much to offer
If you’re going to buy a vacation home, then North County San Diego is an excellent choice. North County has wonderful year-round weather that lets you enjoy the outdoors no matter what month it is. Our close proximity to the Pacific Ocean gives residents an endless variety of things to do including swimming, surfing, kayaking, and more. We’re also close to the culture of both San Diego and Los Angeles, making it easy to enjoy world-class museums, trendy restaurants, live performances, and major cultural attractions like Disneyland.
Contact the Clark & Gilman Team
Whether you’re buying or selling a North County San Diego vacation home, it’s important to work with an expert. And the Cristine Clark & Jamie Gilman Team has been helping North County buyers and sellers achieve their goals for decades. Contact us today at 760-758-1211 or [email protected] to get started!