The unprecedented events of the Covid 19 Pandemic forced many Americans to rethink their priorities and refocus on what truly matters. All over the world, people chose to recenter their lives around their health, the outdoors, and living life to the fullest. For many, that meant traveling, moving away from cities and closer to nature, and changing their careers to pursue other passions. Almost three years later, as the dust of the pandemic continues to settle, Americans are still yearning to live life to the fullest and prioritizing experience-driven lifestyles. You can really live here AND there! Second homes provide the opportunity to live close to nature, travel, and lead an adventurous life. The second home market is booming, Are You Ready to Become a Second Home Buyer? Find out below.
How the Pandemic Affected the Second Home Market
According to a survey by vacation home company Pacaso, a preferred partner of mine, the pandemic caused a shift where more Americans than ever now desire a second home. Prior to Covid, 46.4% of those surveyed claimed to want a second home. After Covid, that number rose
to 55.7%.
The annual Second Home Sentiment Report by Pacaso also revealed that Covid didn’t just increase the desire for second homes, it also significantly increased their use amongst those that were already second homeowners. Pacaso reports that before Covid-19, only 25.6% of second homeowners used their homes more than four weeks a year. Then during Covid-19, nearly a third (28.8%) use it more than they used to, a statistic we may see continue in years to come. The pandemic also birthed the extreme rise of remote work across multiple industries, which further increased the demand for second homes. Without a daily commute, homeowners aren’t bound to cities and suburbs and can instead live where they choose – close to nature where life slow down, across the country or even internationally.
What are Other Buyers Looking for in A Second Home?
In their report, Pacaso dives deep into the buyers' psyche to reveal what second buyers look for in their vacation homes. Modern and rustic designs are each near 30% while farmhouses were called to approximately 15% of those surveyed.
Another fascinating finding was that more people prefer their second homes near water rather than mountains, with homes near the beach and lakes ranking amongst the most preferred destinations.
Biologist Dr. Wallace J. Nichols writes in “Blue Mind”, his groundbreaking book, that living on, near, or around water promotes happiness and well-being and improves mental health. Fellow mountain folks, an oceanside home may not just be what you’ve been dreaming about…it might even be beneficial for your health! Just one of the many ways we’re looking out for your well being here at Live Everywhere Ventures.
Where Should You Look For A Second Home?
To a timid traveler, buying a home abroad may seem like a risk, but several countries make owning and buying land relatively easy. With high-interest rates lingering in the US, many aspiring second homeowners are looking abroad to fulfill their vacation home dreams. Buying a second home and living in Mexico, for example, is significantly cheaper than doing so in the United States. Living in Mexico, including in prime tourist destinations, costs a third less than it does to live in major US cities like New York, Los Angeles, or San Diego. Aspiring homeowners can also look across the Atlantic. A recent study revealed that Portugal was the best country to buy a second home in 2022, thanks to its low cost of living and plentiful leisure activities.
How to Buy a Second Home
The first step to buying a second home is finding a location that inspires you. With over thirty years of real estate experience and as a licensed Resort and Second Home Property Specialist from the National Association of Realtors, I have the resources and expertise to help you buy your ideal vacation home. Whether you’re searching for a home in colorful Colorado, Mexico, Panama, Portugal, Spain, or beyond, I’m here to help you find your dream home. Visit our site to find visa resources, destination guides, and more.