The National Association of Relators just released their 2015 Investment and Vacation Home Buyers survey and it revealed that vacation home sales boomed last year, 2014, and are expected to increase even more throughout the new year. In 2006, vacation homes reached their highest peak until just recently.
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
The bottom line is, if you are considering purchasing your new home in the mountains, oceanfront condo, or house in the valley now is the time to act. Home prices are good and mortgage rates are at an all time low.
If you, or someone you know, is looking to purchase a new vacation home please contact Mountain Oak Properties. We would love to be “Your Resource For All Things Real Estate.”
Contact us at info@mountainoakproperties.com or (828) 318-8801