Are you considering selling your vacation home in Colombia? If so, now might be the perfect time to do so. The dynamics of the real estate market have undergone significant changes in recent years, and Colombia is no exception. The growing trend of remote work has transformed how people perceive and seek properties outside major cities.
In this article, we will explore why selling your vacation home in Colombia now can be a highly advantageous decision and how you can maximize your opportunities in this booming market.
The Remote Work Revolution and Its Impact on the Colombian Real Estate Market
The rise of online work has sparked a substantial shift in housing demand, especially for properties situated in idyllic locations such as beaches, mountains, or small, tranquil towns. This paradigm shift has increased the appeal of vacation homes, as many individuals seek a balance between work and quality of life, moving away from the hustle and bustle of large urban centers.
Working from home is a positive factor in the demand for vacation homes.
This change in the work dynamic has significantly boosted the demand for vacation homes. Buyers are now looking for homes that allow them to enjoy natural and peaceful environments without sacrificing the connectivity and modern amenities necessary for remote work.
Statistics Supporting the Trend
According to the latest report from Fincaraiz.com.co, there has been a 42% increase in property searches in the municipalities of the Bogotá region. This growth has surged from 8 million searches before the pandemic to 12 million searches currently. These numbers clearly indicate a trend towards investing in properties outside traditional urban areas.
Why Selling Now is a Smart Decision
If you've been contemplating selling your vacation home, doing so now could be highly beneficial. Here are two key reasons to consider this decision:
1. Vacation Homes Are Selling Quickly
The current market shows a high turnover rate for vacation properties. Since the lifting of the quarantine in Colombia last September, properties that had been listed for over a year have been sold in as little as 45 days. This rapid movement is driven by high demand and buyers' readiness to purchase properties promptly.
Municipalities with High Demand
Within the Bogotá region, municipalities such as Girardot, La Calera, Ricaurte, La Mesa, and Anapoima are generating significant interest in online property searches. These areas offer an attractive combination of tranquility, natural beauty, and accessibility, making them preferred destinations for those seeking a second home.
Real estate portals have also observed a remarkable increase in searches for vacation properties both in nearby municipalities and in more distant regions of Bogotá. This trend underscores the growing demand and the opportunity for sellers.
2. Property Prices Are Rising
Another compelling reason to sell now is the increase in property values. There is a significant decrease in the supply of vacation homes, while demand continues to rise. According to Fincaraiz.com.co, in all municipalities of the Bogotá region excluding Bogotá itself, there has been a 35% decrease in the supply of properties for sale between the COVID and pre-COVID periods.
Increase in Square Meter Value
Additionally, in the Bogotá region, the value per square meter for properties on sale has increased by between 1% and 4%, depending on the municipality. This rise in property values means that you can achieve a higher return on your investment in your vacation home.
How to Prepare to Sell Your Vacation Home
Selling a vacation property can be a rewarding experience if approached strategically. Here are some tips to maximize your selling opportunities:
1. Evaluate the Property
Before listing your home on the market, conduct a thorough evaluation of your property. Consider aspects such as the condition of the construction, the amenities, and any improvements that could enhance the property's value.
2. Effective Marketing
Utilize reliable platforms like Fincaraiz.com.co and other reputable real estate websites to list your property. Ensure you include high-quality photographs and detailed descriptions that highlight the unique features of your vacation home.
3. Competitive Pricing
Based on current market trends and reports from Fincaraiz.com.co, set a competitive price that reflects the current value of your property. Pricing your home attractively can expedite the selling process.
4. Professional Advice
Working with experienced real estate agents can streamline the selling process. Professional agents have an extensive network of clients and in-depth knowledge of the local market, which can be incredibly beneficial.
Conclusion
The Colombian real estate market is experiencing a surge in demand for vacation homes, driven by the global trend of remote work. The combination of high demand and reduced supply has created an ideal environment to sell your property at an attractive price and in record time.
If your vacation home is inactive, no longer used as before, or you simply want to optimize your investment, now is the perfect time to list it on the market.