The National Association of Realtors just
released their 2015 Investment and Vacation Home Buyers Survey
which revealed that vacation home sales boomed in 2014 to above their most
recent peak level in 2006.
NAR Chief Economist Lawrence Yun said favorable
conditions are driving second-home sales:
“Affluent
households have greatly benefited from strong growth in the stock market in
recent years, and the steady rise in home prices has likely given them
reassurance that real estate remains an attractive long-term investment.
Furthermore, last year’s impressive increase also reflects long-term growth in
the numbers of baby boomers moving closer to retirement and buying second homes
to convert into their primary home in a few years.”
The report shows:
Vacation-home sales catapulted to an estimated 1.13
million last year
This was the highest amount since NAR began the
survey in 2003
Vacation sales were up 57.4% from 717,000 in 2013
Vacation-home sales accounted for 21 percent of all
transactions in 2014, their highest market share since the survey was first
conducted
Bottom
Line
If you have been considering a waterfront condo at
the beach, that ranch in the foothills or that special getaway you someday will
retire to, maybe now is the time to act. Prices are good and mortgage rates are
at historic lows. Contact a local real estate professional to help you put your
dreams to a plan.
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