Vacation home purchases up 29.7 percent

Vacation Home Sales

Vacation home ownership on the rise

Vacation home sales surged last year. According to the 2014 Investment and Vacation Home Buyers Survey by the NAR, vacation home sales rose 29.7% from the previous year.

For many baby boomers, owning that vacation home is making more and more sense as their home values have increased and their stock portfolios have almost recovered fully from the Great Recession of the late 1990s. Lawrence Yun, chief economist, said

“This reflects the 28 percent of recreational property buyers who said they purchased to diversify investments or saw a good investment opportunity.”

You can see in the article we published last week that demonstrates that this age bracket and higher income earners still believe that real estate is the best long term investment.

25% Boomers will likely buy a vacation home

And another study by BHG revealed that 25% baby boomers are likely to purchase a second home, like a beach house or some other vacation home to use during retirement and to provide a family retreat for their children and grandchildren. Also many boomers are considering renting out these vacation homes for an additional income until they move into the homes themselves a few years down the road.

Here are some key numbers in these recent studies:

Vacation home sales rose from 553,000 to 717,000 properties last year. This represents a 29.7% increase.
The median price of these vacation homes increased 12.5% ($150,000 to $168,700)
Vacation home sales surge
Vacation home purchases represented 13% of all homes purchases last year. (up from 11% the previous year)
Forty-one percent of vacation homes purchased last year were in the South, 28 percent in the West, 18 percent in the Northeast and 14 percent in the Midwest.
25% of baby boomers are planning to buy a 2nd home or vacation in the near future.
Vacation homes are still 1/3 below their peak prices in 2006, so there is still much more room for appreciation.

Don’t let another year to go by . . .

Don’t let another year to go by

If your family is thinking to purchase your second home in the Myrtle Beach area, now may be the perfect time. Prices are still great and still lower than the cost of building right now. If you decide to rent the property until you’re ready to occupy it full time, the rental market in Myrtle Beach area is very strong. Many of our clients, are renting their homes now to vacationers, using their home during the weeks the vacation home is not rented, then planning on moving in it a few years from now. There are also great tax benefits to owning a vacation home. And you can still get a great mortgage interest rates that would enable you acquire this home while it still economically feasible.

At Dreamlife Realty, we specialize in helping families acquire their perfect Myrtle Beach vacation home to create memories, establish traditions, and share with the ones they love.

Testimonials

What Dreamlife Clients are Saying

Lisa StewartOcean Forest Villas

We had the greatest experience working with Deborah Rhyne purchasing our vacation condo. She was very knowledgeable about the property we purchased and their HOA. She gave us bank, insurance, attorney and home inspector references. She also referred someone we could get furniture from since our condo was purchased unfurnished. This experience was far better than when ...

Preston HughesMariner's Cove

Donna went above and beyond for us...

Larry PogacnikArrowhead

Realtor Tom McLane was very knowledge and found us exactly what we were looking for.

Betty ReynoldsGolf Glen Villas

By all means,if you want a carefree experience in purchasing a home, please note, Tom McLane makes this process a very pleasant and exciting adventure. All our needs were met. Always available for any of my questions or concerns. I can't say enough great things about Tom. I was totally new in this area and he ...

Richard Hedrick

Jeana was extremely helpful every step of the way from the offer to the closing. Jeana was the perfect agent for me. She was very helpful and accommodating to my questions and concerns. Did a wonderful job when I failed to line up a home inspection and was able to help facilitate it with out interrupting the ...

George MosholderHampton Greens at Deerfield

Tom McLane treated us with respect and honesty every step of our journey. He went above and beyond what was expected and he always made us feel as though we were his most important client. We ALWAYS felt that Dreamlife Realty was looking out for us and we never doubted that we being treated like ...

Bonnie Cleary

Jeana was great and very responsive.

Sheila NealTilghman Beach & Racket

Deborah is a jewel. She has been very helpful throughout the whole process, from the time I started looking until after I purchased a condo which was almost two years. She never treated me as just making a sale.

Bernie McVeyXanadu

Tanya stayed in contact with us thru the entire process to ensure satisfaction

Ken & Kim SobiewskiBlue Water Keyes

Our buying process was so much more pleasant than we could have expected. Deborah listened to us,...and we felt she immediately knew how to direct out search. She went above and beyond before, during and after our purchase. We will try and connect with her anytime we are in Myrtle Beach, and look forward to having her ...

Dave Pisarchik

I can’t say enough nice things about Dreamlife Realty,” Dave says. “They really listened to me and I felt like they cared about finding me a property that fit the needs and wants I had. The whole process was great.

Nancy TimmermanWaterway Landing

I enjoyed working with Deborah Rhyne very much. I felt she was honest with me and I really trusted her. She really seemed to understand my wants and needs. When the time comes that I need a real estate agent, I will certainly call her.

Delia Kangian

Jeana was very knowledgeable and experienced. The most important thing for me was that once we made the contact with her, she didn't harass us about making the sale. We knew we would, but wanted to do it at our own pace and she respected that.

Debra ShawGolf Colony

Our agent Deborah did an exceptional job for us. She made the whole process easy and fast!

Mike Perna

Jeana was very responsive to our needs/questions. She gave great attention to customer service.

Mike & Marge RzepkaEdgewater at Barefoot Resort

Lorene at Drealife Realty became a great friend. She was absolutely fantastic. We are really excited for the future.

Ted Nadolny

Jeanna was quick to research and respond to our questions,was very thoughtful of our requirements when showing us properties so that we didn't waste time seeing properties we wouldn't want and she made us feel like family. She is a hard working, competent professional.

Randy HoodSea Watch Plantation, Myrtle Beach

Tanya was always available for questions and obtained documentation on any and all issues that we had. Also she was very helpful during the closing by making sure that both myself and the seller were on the the same page. This was a complicating sale and Tanya made it seem simple. I will continue to ...

Jim & Betty RyanSummer Place, Cherry Grove

Wendy was a great agent and was very patient. She was always there for us.

Laurel NiemanDeefield LInks

We absolutely loved Donna. She was friendly, efficient, and very knowledgeable. She helped us both with our search and all the closing issues which were completely foreign to us! She was a pleasure to work with

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Vacation Home purchases up 29.7%

Vacation Home Sales

25% Boomers will likely buy a vacation home

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