Across the country, the coronavirus pandemic has led to an increase of buyer activity from those who are seeking more space and comfort in secondary home markets. Many individuals find themselves still working and schooling from home nearly 9 months after the crisis began, and even though the economy took a hit, the real estate market has held strong. This has created a never-ending stream of potential takers for properties in desirable markets, including Possum Kingdom Lake.
A Rise in Secondary Homes Amid the Coronavirus
According to John Burns Real Estate Consulting, since the start of the pandemic, secondary homes in drive-to destinations have risen in popularity, and Possum Kingdom is no exception. Throughout 2020, Possum Kingdom has seen an increase of new homes purchased. In November, there was a 42.9% increase in houses sold compared to last year.
“The psychology of ‘you only live once,’ or YOLO, is driving the surge in second-home sales,” according to a recent article posted by John Burns Real Estate Consulting. “Households who may have otherwise waited have decided now is the time to buy, often using funds that would otherwise be allocated to more traditional vacation travel. Today’s buyers are showing more interest in lifestyle and use than rental potential and future appreciation.”
Days on market for many properties is down too. In November, Possum Kingdom saw a decrease of 38.5% in the number of days a property spent on the market, and for large plots of land that typically take longer to sale, more buyers are coming in ready to build their dream home.
Should You Sell Your Home in Possum Kingdom
So, what does all this mean for you? If you’re a homeowner who has been on the fence in recent years about selling your Possum Kingdom home, or you’re sitting on an outdated property that may have previously had a limited audience on the market, now is the time to list.
Buyers are eager to close on their new home, allowing them to extend stays, which is obliterating the ‘off-season’.
Aside from the eagerness to secure a new home before any future shutdowns could potentially take place, a large part of what’s driving this buyer activity is a change in overall habits. Those with homes in secondary real estate markets are now staying in their properties for months at a time rather than just on weekends or a couple of weeks a year.
As many buyers have pushed forward looking for a secondary home, many sellers have balked at the idea of selling their house, either out of fear of uncertainty or because they are unwilling to part with their own escape from the virus.
Buyers vs. Sellers in Secondary Markets
The unbalance in buyers and sellers has resulted in a chronic low inventory of homes available for purchase, and it’s not just new buyers struggling. Those who already have houses in secondary markets are finding it hard to upgrade to a new house without selling their current property. It’s a classic catch-22.