Vacation Home Sales Heating Up
A rise in vacation home sales indicates a much stronger phase of the housing recovery coming into play, a stronger economy and confidence. According to the National Association of Realtors, vacation home sales were up 10% last year on a national scale, and with peak buying and vacationing season just kicking in across the U.S., we can expect an even bigger lift this year. Real estate agents all the way up the east coast report little concern about the coming hurricane season, although more of those interested in buying a home are requesting information on FEMA flood maps. However, this could likely be more to do with increased education among buyers and the cost flood and storm insurance can add to homeownership. For those choosing to error on the more cautious side, CNBC coverage quotes data going back to the 1950s showing the safest spot on the east coast is the stretch between Jacksonville, FL to Hilton Head, SC. Still, there are plenty of hot vacation spots around the U.S. that offer great options for buy and hold investors looking for attractive yields. San Diego real estate remains hot with international visitors and home buyers. Real estate agents in NY report that houses in the Hamptons are booking up fast, and there continues to be sizable discounts on buying luxury vacation rental homes in Northwest, Florida’s elite Destin resort area. Of course, fast thinking house flippers can also capitalize on this trend by acquiring prime properties and marketing them to global investors too.
It’s not just buying a home as a residence or houses for flipping that is increasing, but now vacation home sales as well.