Thursday, August 6, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As the summer rush to escape New York City and the Covid pandemic continues to impact the Hudson Valley real estate market, we find more and more people deciding to sell their up-state properties. Buyers are looking everywhere for second homes, some planning to turn vacations into stay-cations. For sellers, the process of selling a vacation home often requires that they and their agents throw traditional tactics out the window.
Second Home Buyers - Not your typical real estate animals.
For one thing, buyers are not limiting themselves to properties in a certain zip code. They may be considering Cold Spring, but may also have an eye on something further up the Catskills. If the agent lists the property on the local MLS, the listing will not be seen by the majority of possible buyers. Thar is one of the reasons Global Property Systems belongs to eight multiple listing services in the Hudson Valley real estate market. Not only that, but we market listings to international buyers as well, to bring sellers the most possible buyers looking for a property like theirs.
Selling a vacation property comes with its own set of difficulties. For one, sellers can’t rely on potential buyers driving by and seeing a yard sign. The customer isn’t driving around looking for a house. They’re online far more than are primary residence buyers.
Another difficulty in selling vacation properties is that many are located in gated communities. Individual homes are also gated, and sometimes those private roads leading to them can be pretty rough, since most aren’t paved.
Sellers should also understand that second home buyers don’t have the same timeline as permanent home buyers, since they already have a primary home and aren’t in a rush to buy a second. Vacation homes are discretionary purchases, with buyers sometimes taking several summer seasons to move from first showing to the closing table.
Pricing - Thinking outside the zip code.
As with marketing, agents need to provide comparative market analyses (CMA) for homes in the immediate area, but they also need to provide CMAs for homes in other regions, because oftentimes, buyers are looking at potential listings across multiple markets. Today, buyers are better informed and have more access to information than ever before.
Hudson Valley home owners selling their homes will be competing with many properties that are or have been vacation rentals, and are already dressed up, cute and perfectly maintained. If it isn’t picture-perfect, sellers need to reflect that in the price.
Sellers should clean up the interior, and invest in upgrades that will make a difference. New flooring may be necessary if it’s showing wear. Updating a kitchen can also bring a property up to expectations. Outside, landscaping and a lush, natural yard with trees and other shrubs that will mature and offer additional privacy and accentuate the view. Buyers of vacation homes expect an outdoor experience more than permanent home buyers.
To find out more about selling your home, or for more information, CONTACT US.