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 that waterfront condo in Florida, that ranch in Wyoming 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.