Inside the Vacation Home Boom
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?
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