Vacation Home Sales on the Rise
Housing markets are rebounding across the U.S. with one segment making significant headway- vacation homes. According to the National Association of Realtors (NAR), the sale of vacation homes jumped 29.7 in 2013, while investment sales fell 8.5 percent.
Lawrence Yun, chief economist for NAR notes the increase was expected, but that sales are still about one-third the levels that of 2006, when the market was at its peak.
Lifestyle continues to be the main motivation for those buying vacation homes. The typical vacation-home buyer was 43 years old, with a median income of $85,600 and purchased a property that was a median distance of 180 miles from their primary residence. The primary uses are for vacation and family retreats, while some anticipated their second home becoming their primary residence in the future.
The uptick in sales indicates we’re learning to embrace life again. People are (cautiously) loosening their purse strings and returning to the things and places they love. Living in the Sacramento area and Sierra Foothills already allows us to easily access some of the West’s best destinations (Lake Tahoe, San Francisco, Monterey) in a reasonable drive.
But if you’re looking to buy in one of those locations, please contact our Lyon Global Relocation department (916-978-4206) and we can connect you with a reputable agent in those areas.
Lyon Real Estate
Ranked the number one brokerage in annual home sales in the greater Sacramento region by the Sacramento Business Journal, Lyon Real Estate has served the area for over 70 years. In 2017, the company closed 7,333 transactions worth a total of $3 billion in sales volume. Lyon Real Estate has 950 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally-branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. For more information about Lyon Real Estate, click to GoLyon.com and follow us on Facebook.com/LyonRealEstate.