With an improving economy, low but rising interest rates and a boost in the stock market, vacation home purchases continue to increase. According to National Association of Realtors' ® 2013 Investment and Vacation Home Buyers Survey, vacation home sales rose by as much as 10%, while the median sales price rose by 24%.
While there are many reasons for this upswing, the primary factor is often value. Vacation properties are still priced well below pre-recession highs. As the recovery continues, buyers will begin to see higher prices coupled with decreasing inventory and may find themselves squeezed out of the vacation home market.
One specific sector that has seen more action is the higher end market in resort areas. Properties that may have been on the market for a year or more are suddenly seeing increased activity. In many cases, these properties can sell very quickly. The savvy buyer knows what he or she wants and when they see it, they buy it.
We may be sitting on the cusp of opportunity in the vacation home market. As often happens in real estate, when the opportunity has passed we are often left wishing we had "jumped on the bandwagon".
Vermont Properties and Development specializes in properties in the Ludlow/Okemo Valley, both on and off Okemo Mountain. Two of our agents are certified as Resort and Second Home Property Specialists allowing us to better service the second-home and resort area real estate market. Give us a call at 802-228-8877 or stop by our office at 29 Locust Hill Road.
We look forward to meeting you.