The coronavirus pandemic has made it tough to buy a home, including vacation homes. Homebuyer sentiment is at a ten-year low, and millions of families are struggling with unemployment or small businesses that are in trouble. They are forgoing their traditional week or two at the beach or mountains this year and staying home. Short term rentals built a whole new economy in popular vacation spots and many vacation homeowners count on revenues from short-term rentals to pay their mortgages.
Perhaps the only good thing about these hard times for vacation owners are the bargains that are opening up in vacation destinations nationwide. Home sellers have been in control for years, especially in the hottest short-term rental markets. If you are fortunate enough to be immune from the economic crisis that is sweeping the nation, now is the time to buy that vacation home you’ve been considering.
Here are five of the nation’s most popular summer vacation destinations where bargains can be found.
Cape Coral-Fort Myers, Florida
Sales are 20% lower than last spring, and new listings are growing at a rate of 24 listings per 1000 households in the Cape Coral-Fort Myers market. Plenty of good deals are attracting a wave of buyers from Northern states despite the pandemic.
The Cape Coral-Fort Myers real estate market is rapidly growing, yet it still retains its small-town charm. Its quality of life, miles of Gulf Coast beaches, islands, and the economy continues to attract people. Homes.com lists more than 80,000 homes for sale in the Cape Coral area and about 9,000 in and around Fort Myers.
Lakeland-Winter Haven, Florida
Through April, sales were down 20% from April 2019, creating buyers’ market conditions in Lakeland-Winter Haven offer a dense suburban feel, and most residents own their homes. Located 25 miles inland from the Tampa Bay area. November, April, and March are the most pleasant months in the Lakeland-Winter Haven metro area. Click here to see available listings in Lakeland and in Winter Haven.
Santa Barbara, California
The California coast forms a crescent north of Los Angeles that connects breathtaking beaches, mountains, and vineyards. The Channel Islands National Park offers scuba diving, hiking, and whale watching. Santa Barbara’s downtown offers world-class shopping and dining.
Its real estate offerings feature a sizeable luxury home market and affordable houses as well. The pandemic is taking its toll. According to the local MLS, closings have declined from 142 closings between March 15, 2019, and April 15, 2019, but only 95 closings during the period this year. The drop in sales gives buyers an advantage in a market that features “Access Hollywood” quality listings. To see for yourself, check out Santa Barbara’s available local listings on Homes.com.
Not all excellent beach resorts are on an ocean. If you live in the Midwest, there’s a great one on the east coast of Lake Michigan. With sun, sand, and freshwater to offer, try Saugatuck. Saugatuck is a 150-old former logging town that became a local resort a century ago. Now Southwest Michigan ranks as one of Conde Nast’s 25 best places to go in 2020. Oval Beach on Lake Michigan, sand dune rides, a beach that is litter-less, a chain ferry across the Kalamazoo River, and hammocks on every porch make Saugatuck a great place for families to relax. Homes.com lists some beachfront properties that are more affordable than either coast. Best of all, it is an easy drive from Chicago and Detroit.
Ocean City, Maryland
This Mid-Atlantic shore town is straight from the 1980s with boardwalk, putt-putt golf, beach parties, and famous french fries. In fact, it’s one of the best boardwalk beaches in the US, according to National Geographic’s Traveler. Its real estate market is also more proletarian, featuring high rise condos and bungalows. The pandemic drove away sellers this year, and new listings fell 27% in April, a multi-year low, leaving fewer than 800 listings as the summer season opens. The pandemic also drove down asking prices, and the median new listing price is only $290,000, far below the median for the year, $352,000. Looking to buy? Browse available listings in Ocean City on Homes.com.
America is starting to open up just as the summer begins. As restrictions relax and more beaches open, 2020 might become a great year to get a deal on a beach property.