Inside the Vacation Home Boom

Windermere Eastside

main-picAccording 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?

why-now-1The 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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