According to a new National Association of Realtors (NAR) report, the market for vacation homes is booming.
• Consumers bought 1.13 million vacation homes in 2014, the highest amount since NAR started tracking sales in 2003.
• Vacation home sales were up 57% over the previous year.
• Vacation homes accounted for 21% of all real estate transactions in 2014, compared to just 13% of all transactions in 2013.
Why are vacation home sales booming now?
The value of most people’s primary home has gone up significantly in the past few years, giving them more confidence to extend their real estate investment to a second home.
Increased net worth from the strong stock market, along with low interest rates, have made buying a second home more feasible.
Many baby boomers are shopping for a place to vacation at now, and retire to later.
What are people buying?
54% bought a single-family home
27% bought a condo
41% bought in a beach area
19% bought in the country
17% bought in the mountains
19% plan to convert their vacation home into their primary residence in the future
Your vacation home can be a revenue source.
Some second home owners opt to rent their home out when they’re not using it, making a vacation getaway an additional source of income.
Many resorts offer their own service that manages all the details of renting your vacation home.
Windermere’s Destination Living program was designed to help our clients buy and sell properties in resort, retirement, country club and waterfront communities. Here is a sampling of vacation homes on the market in Washington.