When buying and selling beach property, you need to think differently than you would for other property. Beach real estate isn’t the same as buying a primary residence in town. It has different schedules and priorities. Glenn Phillips, CEO of Beach Homes Realty, explains why buying and selling beach homes is a long-term play.
- Discretionary = Patience: Similar to eating at a high-end restaurant, buying a beach home is not a necessity. Buyers can wait to buy discretionary property since they are not pressed to buy it. It often takes several years to buy or sell a beach home, so it requires patience.
- Mortgage Rates are NOT a Driver: Most of the transactions for beach property are cash transactions. The clients who purchase beach homes typically have enough money to buy these luxury properties at a high price. This means changes in interest rates don’t affect their desire to purchase beach property.
- Dream Homes are Different than Urban/Suburbs: When it comes to beach property, buyers want a home that is a gateway to future memories. Buyers know what they want and don’t want out of their dream home, and they can afford not to settle.
- New Beach Buyers Have a Learning Curve: If a buyer has never bought beach property before, they may not understand how beach real estate is different. First-time beach home buyers may think that since the price tag is higher, they should get more. It takes time for them to understand that the house being on or near the beach affects pricing.
Buying and selling a beach home requires you to be in it for the long haul. There are steps sellers can take to help shorten the time span, though, such as pricing appropriately. Connect with an agent who understands the process of beach real estate at beach-homes.com.