While August may not follow traditional trends of the real estate calendar, it’s the perfect time to buy and make all preparations by January to take advantage of the overwhelming traveler demand to book next year’s spring and summer trips.
AUSTIN (PRWEB) August 08, 2018
HomeAway® has determined the best time to buy a vacation rental to maximize the home’s annual earning potential is the month of August, according to a new poll of owners in the company’s annual Vacation Rental Marketplace Report coming out next month, and data from Quicken Loans, the nation's largest mortgage lender.
With the goal of welcoming travelers to book during HomeAway’s busiest travel planning season beginning in January, it is suggested for those in the market for a vacation rental to account for 155 days to shop, purchase and prepare the newly acquired property to rent.
A breakdown of the average vacation rental buyer’s timeline:
80 Days (Average Shopping Time)
30 Days (Average Closing Time)
+ 45 Days (Average Preparation Time)
= 155 Days (i)
“This is the time of year when many people are wrapping up their summer trips and wishing they had a vacation home of their own to return to next year,” says Bill Furlong, vice president of HomeAway, Americas. “While August may not follow traditional trends of the real estate calendar, it’s the perfect time to buy and make all preparations by January to take advantage of the overwhelming traveler demand to book next year’s spring and summer trips.”
According to owners who list on HomeAway, more than half can cover 75 percent or more of their mortgage payments each year from rental income (ii). Much of what vacation rental owners may see in bookings in the early part of each year may have a significant impact on total annual earnings from the property.
During the shopping process, HomeAway’s Earn tool makes it easy for those interested in getting into the burgeoning vacation rental business to evaluate how much a specific property can potentially earn through rental income. By visiting http://www.homeaway.com/earn and entering the homes’ address and basic property information, homeowners will get an estimate of annual rental income potential based on comparable properties that are already successfully renting on HomeAway.
“The popularity of vacation rentals continues to grow each year, creating significant financial opportunities for owners of the properties,” adds Furlong. “An early start and an informed shopping experience with the help of HomeAway’s Earn tool can create a significant financial opportunity for those looking to enter the vacation rental industry.”
HomeAway, based in Austin, Texas, is a leading online marketplace for the vacation rental industry with sites representing more than two million unique places to stay in 190 countries, and is a part of the Expedia Group family of brands. For more information about HomeAway, please visit http://www.homeaway.com.
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i. Quicken Loans customer data: the average shopping time for a second home is 60 days; the average financial closing time for a second home is 30 days using Quicken Loans’ Rocket Mortgage;
HomeAway Vacation Rental Marketplace Report, June 2018, 754 owners surveyed: the average time it took for a vacation rental owner to prepare their home to list for rent is 45 days
ii. HomeAway Vacation Rental Marketplace Report, June 2018, 754 owners surveyed