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.