Two Reasons You Should Buy a Vacation Home in the New Year
The pandemic caused some major changes to the Northern Wisconsin housing market—especially in the vacation home market. More people were looking for escapes from their homes and cities and to spend time in nature. Fewer people were moving so, there was less inventory for buyers. This meant that sellers often had the upper hand, but also that rates for buyers were at an all-time low. As we move out of 2022 and into 2023 (three years after the pandemic began), we are seeing a shift. Here’s why you should consider buying a vacation home in the new year.
There Will Be a Gradual Shift Toward Buyers
The “seller’s market” in the last few years has been tough on those looking to buy, even for those looking for vacation homes. But in 2023, there will be a sure, but gradual shift back toward a “buyer’s market”. That means that you’ll get better prices, and mortgage rates are predicted to stay relatively the same as they are now. You will also have more options to choose from and less competition when you make an offer!
Rental Property Can Be a Lucrative Source of Income
Even if you’re looking for a vacation home to spend time with your family or friends, there are a ton of great opportunities to do long or short-term rentals to others for some extra income. With DIY rental apps such as VRBO and AirBnb, you can easily make your family cabin a substantial source of income.
If you’re curious about what else might be happening in the Housing Market in 2023, U.S. News has made lots of predictions for next year’s housing market. And as always, you can reach out to our team at Patrick Schey and Vacation Land Properties to help guide you through buying your vacation home!