It appears that many second home owners and investors are deciding it is time to sell.
Nearly one-third of home sales in the Mid-Atlantic in May were not owner-occupied, according to a new survey of realtors from Bright MLS out this week.
"Unlike a typical spring homebuying season where sellers are also looking to buy a home, those looking to either move up into a bigger home or downsize made up a relatively small share of the housing market," the survey found. Only 11% of sellers were looking to upgrade from their current home, and 12% of sellers were looking to downsize. In comparison, nearly 33% of sales were rental, investment properties or second homes.
“With inventory so low and many homeowners reluctant to give up their extremely low mortgage rates, everyone is wondering where new listings are going to come from. We’re starting to see more sellers who are listing second homes and investment properties,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “Some of these homes were purchased during the pandemic when people were working remotely. As more workers are being called back to the office, fewer people are able to take advantage of those vacation getaways. The short-term rental market has also slowed down, which is prompting some sellers to offload homes they had purchased for that market.”
The home in the above image is currently for sale at 623 6th Street NE.
This article originally published at https://dc.urbanturf.com/articles/blog/the_types_of_home_that_sold_this_spring_will_surprise_you/21161.
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