In the summer of 2018, 31.3 million people visited Maine. Only 27% of these were first time visitors. Talk about repeat business!
How do out-of-state buyers affect you?
Competition - If you're shopping for a coastal home or a city condo, expect some outside competition. Single family homes in rural and suburban areas are mostly off the radar for second/vacation home buyers.
Broader Audience - On the other hand, if you're selling a home with that special Maine appeal, your potential market is larger. Take a look at the back of any local magazine - filled with glossy ads "selling the dream"!
Seasonality - While some beach or lake homes may appear on the market during high season, many will be occupied or rented. Your closing timeline could be postponed until the end of the season.
Proximity - The average vacation home is 200 miles from the owner's primary residence. For you, that might mean a camp on a northern lake. For Boston & NYC, that means a drive to Maine beaches!
A deeper look:
Our data comes from the National Association of Realtors’ 2017 Investment And Vacation Home Buyers Survey. The survey found that 42% of vacation homes are purchased to enjoy as a family retreat, and 18% are bought for future retirement.
Only 8% of buyers surveyed planned to generate income through renting the vacation property. This is probably a good thing, as juggling enjoyment with property management can be a challenge! Chat with David about his experiences in this regard. 😉
Finally, there are unique factors to consider when buying waterfront homes - shoreland zoning and restrictions, flood maps and insurance, additional inspection and maintenance requirements. We can help you navigate these issues, so you can enjoy Vacationland, the way life should be!