Main Line Realtors®, Sage Realty LLC, Announce Vacation Home Sales Hit Highest Levels Since 2006
Wayne, Pennsylvania – July, 2016 – Since the big vacation home buying boom in 2006, the market had seen a slowdown due to the economy, demographics and a variety of other factors. However, in 2014, the vacation home market bounced back with a surge of sales. While the rise in sales can be attributed to many factors, experts believe that much of the comeback involves baby boomers, who are retiring and downsizing, and making their future plans. Sage Realty LLC, Main Line Realtors® who provide expert services, take a closer look at the new increase in vacation home sales.
In 2014, vacation homes peaked at 1.13 million sales. In 2015, sales were slightly slower with 920,000 sales. Those 920,000 sales accounted for 16 percent of all sales in 2015 – according to the National Association of Realtors® (NAR). Generally, buyers were drawn to the beach, mountains, lakefronts and rural country homes.
Over half of people investing in vacation homes found their properties online, while the rest used a Realtor® or took the recommendation of a friend or neighbor. After a vacation/family retreat, future retirement plans were the second biggest reason people invested in vacation properties.
Although vacation sales have seen a slowdown this year, the slowdown is partially attributed to lack of inventory and subsequent rising prices. As baby boomers flock to the market along with some younger families who have earned equity on their primary home purchases, the more popular areas see properties quickly snatched up. One in five of those baby boomers also plan to make their vacation home permanent at retirement, according to the NAR.
The Main Line Realtors® at Sage Realty LLC can help vacation home seekers successfully find the homes they are dreaming of, especially in a pricier, low inventory market.
About Sage Realty LLC
Sage Realty LLC is a buyer-centric real estate firm founded by Linda Walters. With decades of experience, and holding certifications as specialists in luxury homes and buyer issues in real estate, Sage Realty is a strong partner in the home buying process. Sage Realty LLC is dedicated to helping clients find their dream homes in the Main Line PA, and surrounding areas.
For more information, please visit www.findahomeinpa.com or call (610) 687-4000.