Now is a Great Time to Sell Your Vacation Home!
If you currently own a vacation home around Chautauqua Lake or Lake Erie, and are wondering if it’s a good time to sell your vacation home, you should read this! Unless you’ve been hiding under a rock (or, under a dock as we NEVER say at the lake), you’ve seen property prices going up and up in the last few years and especially this year. Buyers and sellers got a bit nervous in 2020 when COVID-19 hit, but property prices have continued their upward trend. Rising property prices are being driven by high levels of demand from home buyers, but at the same time, the supply of homes for sale is very low. Also, if you listed it now, you would be closing the home sale at the end of the season.
Right now, we are in the middle of a seller’s market and it is a great time to sell. If you decide to sell your vacation home around Chautauqua Lake, you are likely to sell for significantly more than you bought it for.
Click here to arrange a no-obligation market evaluation of your vacation home.
Should you sell your vacation home?
If you want to take a nice, big check to the bank, I would tell you to go for it. I can certainly help you to list and sell your home whenever you’re ready. I would add though, that a vacation home is more about money and you should be sure that selling your vacation home is right for you.
Think about why you bought a vacation home in the first place.
Think about why you decided to buy a vacation home. People generally buy vacation homes around Chautauqua Lake because they love water sports, fishing, and lake living. Also, people buy vacation homes around here because it’s a great place for families to enjoy their summers. But perhaps the kids grew up and have lives (and vacation plans) of their own now. Perhaps, you’re getting less active and have decided to sell your Jet Skis! One reason for deciding to sell is that your reasons for buying a vacation home have changed over time.
What if owning a vacation home isn’t all you thought it would be?
For a house that you only spend a few weeks or months a year living in, you have all the responsibilities of homeownership. Your vacation home needs to be kept neat and tidy, it needs to be maintained and you need to do those repairs.
Since you can’t be there all year, you probably have to pay a property manager to mow the lawn in Spring and Summer and to shovel the sidewalk and check up on things in Winter. When you get to your vacation home at the beginning of your vacation, you probably have to spend some time cleaning and opening up the house before you can really start to enjoy yourself.
In short, a vacation home can bring you a lot of pleasure, but also mean a lot of work and expense. If you don’t need to have that kind of hassle in your life, it may be time to sell your vacation home.
Comparing costs and benefits.
It is worth looking at how much time you actually spend at your vacation home each year and weigh up the time, expense, and effort it requires. If the reasons you had for buying a vacation home have changed, and if you want to reduce the costs of time, money, and effort, it may be the right time for you to sell your vacation home.
You can enjoy a vacation in Chautauqua without a vacation home!
Keep in mind that you could book into a hotel or Bed & Breakfast in the area instead. There are many vacation homes for rent in the area – someone else can have the cost and responsibility of maintaining the property, and you can arrive at a clean, furnished vacation home and you only need to unpack your swimsuit!
Another option is to downsize your vacation home to a smaller one or buy into one of the vacation condo communities on the lakeside. Bear in mind that prices are high at the moment (which is why you want to sell) and it may be worthwhile to put your money on ice for a bit until the market softens.
If you are thinking about selling your vacation home, I’d love to meet with you and have a look at your property. I will show you stats of recent sales of comparable homes in the area and give you an idea of what your vacation home could sell for. I’ve spent a large part of my life around Chautauqua Lake and know the area well. If you’re looking for an experienced real estate agent who is local to the area, give me a call any time!
Let me help you buy a home or sell your home
Before searching “Houses For Sale Near Me“, search for Chautauqua real estate for sale here or check out some of the markets I serve for include: Bemus Point, Lakewood, Ashville, Stow, Mayville, Chautauqua Institution, Westfield, Jamestown, Fredonia and Dunkirk, and Ellicottville as well as anywhere in Chautauqua County or Cattaraugus County.