The Hidden Cost of Your Unused Second Home in Saratoga
Timothy Alston | Broker
Aegis Luxury Real Estate · DRE# 01328224
Published
January 12, 2023
Wine country elegance in the foothills
If you bought a second home during the pandemic and rarely use it now, you may be carrying a cost that is larger than you think. Shifts in remote work, lifestyle priorities, and buyer demand in the luxury market have created a window for sellers who own a second home they no longer need. Knowing when to sell is the first real question worth answering.
You know how you bought that second home with a clear vision of how you would use it? And then something shifted. Work pulled you back to the office. The kids’ schedules changed. The trips to that property got shorter and fewer. A lot of homeowners in Saratoga are sitting with exactly that situation right now. But here is the part most people have not stopped to think about yet: what is it actually costing you to keep it?
Not just the mortgage. The property taxes, the maintenance, the insurance, the management fees if you hired someone to watch it. Add all of that up over a year. Over two years. What number do you land on? And then ask yourself one more question: is the value you are getting from that property equal to or greater than what you are spending to hold it?
What Does Your Second Home Actually Look Like Today?
Think back to when you bought it. What was the plan? More time by the water, more flexibility, a retreat from the routine? That was a real need at the time. Remote work made it possible to be almost anywhere, and a second home was a natural extension of that freedom.
But what does your situation actually look like right now? Are you using it the way you intended? If you are honest with yourself, how many nights did you spend there last year? And how many of those were genuinely restorative, versus obligatory trips to check on the property?
There is no judgment in those questions. Life changes. Priorities shift. The second home that made perfect sense in 2021 may not fit the life you are actually living in 2025.
When the pandemic reshaped where people worked, it also reshaped where they wanted to live. Buyers across Silicon Valley and the broader Bay Area, including Saratoga, moved quickly to acquire second homes and luxury properties. The Institute for Luxury Home Marketing documented what they called an “unprecedented ten-fold increase” in remote work, and described it as a historic development that would fuel second home demand for years. That surge created a wave of ownership that many buyers are now quietly reassessing.
Is There a Problem You Have Not Named Yet?
Have you ever stopped to think about what happens to that second home’s equity while it sits underused? Equity is not a bank account. It does not earn interest while you hold it. It is locked inside the property until you make a decision about it.
What would it mean for you if you could convert that equity into something more aligned with where your life is headed? A different investment. Paying down debt. Freeing up cash flow. Or simply simplifying. Does that feel closer to where you actually are right now?
While the broader housing market cooled after rate increases, the luxury segment held its ground in ways that surprised many observers. The percentage of homes sold above the $1 million threshold, considered the standard benchmark by the National Association of Realtors, nearly tripled from 2.6% to 6.5% since 2018. Demand for multiple luxury properties also rose sharply over this period, driven by affluent buyers who now view luxury real estate as a core component of their asset portfolio. For owners considering whether it is the right time to sell a second home in the luxury tier, this demand context matters.
What the Luxury Market Data Actually Shows
Here is what is worth knowing if your second home falls into the luxury category. A luxury home is not defined by price alone. Location matters: a home on the water, in a desirable neighborhood, or in a city like Saratoga carries inherent value that transcends square footage. Features matter too: the finishes, the outdoor space, the design details that make a property feel exceptional.
The Institute for Luxury Home Marketing notes that demand for multiple luxury properties has soared over the last few years, and that affluent buyers increasingly view luxury ownership as a portfolio necessity, not a lifestyle indulgence. That demand, while returning to more sustainable levels, has not disappeared. Qualified buyers are still in the market, and they are looking for exactly the kind of property you may be sitting on.
Homes in Saratoga with distinctive features and desirable locations have continued to attract serious buyers even as the broader market has moderated. If you are thinking about the right time to sell, understanding what is actually driving buyer behavior in the luxury segment gives you a clearer picture of your position. Is the current demand level something you want to act within, or are you comfortable waiting to see where it goes?
As hybrid and in-office work patterns have stabilized, a meaningful segment of second home owners is now rethinking whether those properties still serve them. The Saratoga market continues to see demand from high-net-worth buyers, but the time a property spends on the market and the precision of its pricing have become increasingly important. Sellers who approach this decision with clear data and a realistic view of their own priorities tend to move through the process with far less friction than those who wait until circumstances force the decision.
The Quiet Cost of Waiting to Sell Your Second Home
What happens if nothing changes? If you keep holding the property for another two or three years without using it significantly, where does that leave you? The carrying costs continue. The opportunity cost of locked equity continues. And the market, while currently favorable for sellers of luxury properties, is not guaranteed to remain at this level indefinitely.
That is not a prediction. Nobody can tell you with certainty what prices or demand will look like two years from now. But you can look honestly at your current situation and ask: am I holding this property because it is genuinely serving me, or because I have not made a decision yet?
There is a difference between a deliberate hold and a drift. Can you see how those two things feel very different in practice?
If You Are Ready to Explore, Here Is the Right Next Step
Based on what many sellers in this situation are working through, the most valuable first step is not listing the property. It is a straightforward conversation about what your second home is actually worth in the current market, what the net proceeds might look like after closing costs and any tax considerations, and whether selling now makes more sense than waiting.
You can find Saratoga homes for sale to get a sense of where the local market is priced right now. That context can help you see where your property fits before you make any decisions.
Do you feel like this conversation could be what you have been circling around? If so, the next step is simple: reach out to Timothy Alston, Broker, for a no-pressure review of your specific situation. Not a pitch. Not a sales call. Just a clear look at the numbers and what they mean for you. Call or text (408) 207-4593 whenever you are ready to take that step.
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Broker · DRE# 01328224
Aegis Luxury Real Estate
Harvard Business School Online, Certified Master Negotiation
23+ Years Silicon Valley Real Estate Experience
Retired Military Veteran
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The data relating to real estate for sale on this display comes in part from the Internet Data Exchange program of the MLSListings™ MLS system. Real estate listings held by brokerage firms other than Aegis Luxury Real Estate are marked with the Internet Data Exchange icon and detailed information about them includes the names of the listing brokers and listing agents.
Based on information from the MLSListings MLS as of June 12, 2026. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Aegis Luxury Real Estate · Timothy Alston, Broker, DRE# 01328224 · 10080 N. Wolfe Rd Ste SW3-200, Cupertino CA 95014 · (408) 207-4593
Last updated: July 16, 2026 | Data reflects July 2026 MLS statistics
