Whether you’re buying or selling a vacation home, a real estate agent is a valuable business partner. Here’s why you shouldn’t go it alone when it comes to vacation properties:
On the selling side, homes that are listed as For Sale by Owner sold for an average of $174,900 last year compared with $215,000 for agent-assisted home sales. Real estate agents can be a tremendous help in determining the right asking price and helping home sellers get the most they can for their property. This is the case especially with vacation properties, which tend to have more intangible and unique selling features.
On the buying side, a real estate agent knows their community and can help you find the best neighborhood and property for you and your family. They also can help you achieve your objectives. Are you purchasing a home that you hope to hand down from one generation to the next or are you purchasing a property primarily for investment? Property that makes a great family getaway, for example, may not be the best vacation rental.
Vacation home properties can vary widely, even in the same price range. One property may have fewer amenities but is closer to the beach. Another property may be priced more attractively but is more prone to flooding and require higher-priced flood coverage. A real estate agent can serve as an independent third party, helping you sort through the pros and cons of each of the properties you are considering.
Low lending rates and an improving housing market make it a great time to buy and sell vacation property!