Tuesday, April 7, 2015

Vacation home sales rose to record high in 2014

Posted on April 7, 2015 by Rory Mark Schmer from South Florida
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Vacation home sales boomed in 2014 to above their most recent peak level in 2006, while investment purchases fell for the fourth straight year, according to an annual survey of residential homebuyers released by the National Association of Realtors® (NAR).


NAR's 2015 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2014, shows vacation-home sales catapulted to an estimated 1.13 million last year, the highest amount since NAR began the survey in 2003. Vacation sales were up 57.4 percent from 717,000 in 2013.


NAR Chief Economist Lawrence Yun says vacation sales in 2014 showed astonishing growth, nearly doubling the combined total of the previous two years.
"Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment," he said. "Furthermore, last year's impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years."

Considering buying, selling or renting Real Estate here in Miami-Dade, Broward or the Palm Beach Counties? We have resided here in South Florida for 45 plus years. Conducting Real Estate on a very high level! Making friends and building relationships.

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Rory Mark Schmer PA

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