Vacation Home purchases up 29.7%

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.

Contact us today so we can help you make this dream come true for your family too!

Testimonials

What Dreamlife Clients are Saying

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 ...

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Debra ShawGolf Colony

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

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.

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Bonnie Cleary

Jeana was great and very responsive.

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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.

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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 ...

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Linda BouvetteSea Cabin

I enjoyed working with Deborah – she made the process very simple and easy.

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.

Allison BencieSurfside Beach

Wendy went out of her way to meet us early In the morning and even brought an amended contract to us when we were furniture shopping and leaving early in the morning for Maryland.

Lorie BeamSea Gate Villas at SeaWatch Plantation

Wendy was very professional. She didn't push, she was attentive, she was responsive, she gave good advice. I will have her assist my mother in purchasing a home and my future investment properties.

Terry McManus

Finding and purchasing property at North Myrtle Beach can be difficult and confusing. Jeana did a fantastic job helping me find and purchase the perfect vacation/investment condo and couldn't imagine doing it without Jeana Burstein's assistance. Jeana made a complicated process simple and fun.

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Brenda Jones

Jeana was amazing. She was a jewel! She listened to what I was looking for in a vacation home and located many amazing properties for me to view. She never rushed or pressured me. She made me feel like a special client even though I am sure my price point was low end. Also, ...

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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 ...

Vincent FerraraWaterway Landing

Trying to find a capable agent wasn't as easy as it might seem. Deborah always returned emais or calls and had the information i was looking for. and if she didn't have it, she got it. once again, i was very pleased with her professionalism.

Carol RechMargate Tower, Kingston Plantation

We are so happy to be new homeowners in MB and many thanks to Ben for helping us live our DreamLife! He was very professional, prepared, knowledgeable and efficient.

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Stacy BaumgardnerBarefoot Resort, North Myrtle Beach

I was very fortunate to find Wendy Howard as my realtor. She went above and beyond to help me find what I was looking for. She was very sensitive to my needs and was very easy to talk to. Wendy always returned phone calls very quickly and I never felt line I was putting her out. ...

Preston HughesMariner's Cove

Donna went above and beyond for us...

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Mike Perna

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

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Dana & FreddieBaywatch Resort

Tom was simply amazing, and is unsurpassed in meeting the needs of his clients'. He was focused on our needs and the efficacy of our budget. Tom was genuine, helpful and did not try to sell us what he wanted to sell, he helped us find what we wanted in our vacation home. His patience and excellent ...

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Tammy Freeman

Jeana was amazing always easy to reach and communicate with she was on top of making sure everything was a smooth process for us living out of state we were concerned but did not need to be we are very satisfied with the way she handled everything!

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