As consumer confidence, the economy, and job market all make gains, more Americans are feeling like they have money to spend on second residences and summer homes. Low interest rates are still a big draw.
Vacation home sales increased 10 percent nationwide in 2012, according to the National Association of REALTORS®. Real estate professionals are also reporting sales have been strong this spring in many vacation home hot spots.
“A lot of buyers who were sitting on the sidelines decided last year was probably a good time to take advantage of buying a vacation home,” says Paul Bishop, NAR’s vice president of research. “They were feeling pretty good about their own financial situation, given the growth in the market and in the economy.”
Source: “Vacation home sales sizzle; rentals book up,” CNBC (May 20, 2013) and “Desire For Vacation Homes Heating Up, Sales Strong,” Investor’s Business Daily (May 16, 2013)