The Benefits of Accessibility
There are three factors that influence the sale of a home – condition, access, and price. One of the benefits of selling your non-primary residence is the accessibility of that home. In other words, since you are not living in the home full time, showings are generally easier than if you were. When showings are easier to arrange, especially if the key is in a lockbox at the house, it creates better exposure to the home since showings can be done on a whim.
Agents with clients driving around the neighborhood can pop in and show the home rather than having to set up an appointment 24 hours in advance. In this sense, vacant homes are easily the most accessible, and that is a huge benefit to the seller when listing their home.
Identifying a Target Market
When selling your non-primary residence in a market like Carmel Valley where we have low inventory, it’s important to identify a target market for your potential buyer as you work through your strategy to list the house. There are many buyer profiles for Carmel Valley – some are young families with strong incomes who want their kids in the Carmel School District. Some are families downsizing from large Pebble Beach homes, or Silicon Valley tech couples buying a vacation home where they can relax.
Some are moving away from the fog into the sun, some need a larger home for their growing family, the list goes on. What buyer profile does your home suit? Finding that buyer avatar will serve as a critical guideline when it comes to the marketing – the verbiage, the photos, the open house schedule, etc.
What’s Next | Selling a Home That is Not a Primary Residence
When selling your second home, there is a tax on your capital gains. One way to defer that if you have been renting out your home is by executing a 1031 exchange where you buy another investment property of like kind with the proceeds of the sale. There are many details on how this works, and you should consult with your accountant to form the best plan for you. Here’s an article for helpful info on 1031 exchanges.