I just bought my first vacation property in Ocean City, Maryland! This property will pay for itself with rentals and I can use it myself and share with family and friends in the off-season.
Since the pandemic is keeping everyone at home, the demand for vacation/resort properties has skyrocketed. While people are able to work from anywhere, which seems to be the trend moving forward, renting a vacation home for an extended period of time is at an all time high. Traditionally, rental properties were occupied almost exclusively in Summer, but with few people going into the office or having to take vacation days, there is no better time to go away for a relaxing week or even month at the beach!
The market has been dormant for a long time. I believe we are in the second or third quarter of a Bull Run at the beach. Real estate market sales in Ocean City are up by over 11.5% in the past year. Interest rates are at a record low and with the demand to get out of town while being able to Zoom with a real beach in your background. You could be bringing in extra income from renters that will pay off monthly mortgage payments.
My team works in Ocean City and nearby Delaware beaches. Let us know if you want to discuss!