Real estate network reports booming 2nd home market since COVID-19
The COVID-19 pandemic has brought on a boom in the second home real estate market, reports the Coast to Coast Network real estate team. Their team covers over 30 markets including popular second home markets of Lake Tahoe, Aspen, Cape Cod, the Hamptons, and Miami. Coast to Coast is a real estate team of expert agents affiliated with Compass.
“The Lake Tahoe market has never seen activity like this,” says Nicole Blair from the Compass Tahoe team. “Bay Area residents are flocking to the area as they realize they can work from home and they also want more space around them. For example, in the month of July, our Multiple Listing Service has gone up 4% in new listings, up 60% in sold listings, down 28% in average days on market, and up 30% on average listing price which is now equated to $1,140,000.
“The biggest problem realtors are facing right now is too many buyers with not enough inventory,” Blair added. “We would have never predicted this outcome back in March.”
Elevating the real estate experience from a simple transaction to an undeniable art form, Coast to Coast agents curate the entire process to fit the needs and desires of their clients. Whether it be the purchase of a first home, an investment property, or a charming vacation getaway, the professionals in the Coast to Coast network serve as consummate advisors who can confidently choreograph a seamless and enjoyable purchase or sale.
“The Cape Cod Market is bustling, I have been selling real estate in this market for over 26 years and have never seen anything like this. I listed a house this week and we had six competing bids and it is selling well over the listing price. Inventory has been cut in half in less than three months, it is surreal. List it and it will sell!” said Joan Witter of the Witter and Witter Cape Cod Connection team.
“It has been a very unpredictable year with the pandemic,” says Erin Ballard, Founder of Coast to Coast Network, “our network partners are adapting to this ever-changing market. We are confident the second home market will continue to trend upward. Our clients have voiced to us that if they are working from home, the location and amenities are paramount.”
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