Buyers Not on Vacation In Sizzling Resort Market – The phenomenal real estate boom in recent years has not been limited to the sale of primary residences. Sales of second homes have also risen dramatically because travelers and investors want to take this property amid the temptation of low mortgage rates and rapidly increasing home values.
According to a study conducted by the National Association of Realtors, 2.82 million vacation home purchases were made in 2004, up 16 percent from the previous year.
As demand increases, prices also increase; the price of a typical vacation home increased by 21 percent from 2019 to 2020, about double the overall home market price.
In addition to vacation homes, sales in the second home market are significantly supported by those seeking investment that continues to appreciate. Nearly 25 percent of all homes purchased in 2020 were made for investment purposes – a 14 percent increase from 2019.
Against this background, real estate companies recognize the importance of understanding and serving this influential group of home buyers.
“Second home buyers represent a vital and growing part of the overall market,” said Brenda Casserly, president and chief operating officer of ERA Real Estate. “These smart buyers have very specific and often very diverse needs, and real estate companies that want to lead in this segment must continue to provide these consumers with an efficient mix of one-on-one and web-based services and resources.” Buyers Not on Vacation In Sizzling Resort Market.
ERA Real Estate has become an industry leader in this field with the established Resort Properties International program. The program features a team of trained resort experts who can directly access key resources from around the world and provide specific information about second home properties at all price levels and comfort needs.
ERA Real Estate also recently launched Resorts.ERA.com, a website specifically designed to meet the needs of second home buyers. Site visitors can search for properties that are categorized by state or other criteria, such as waterfront locations, ski resorts, and golf club communities.
Through this site, consumers can connect with sales partners who specialize in resorts and second home markets, and access links to state and local resources and market trends. Buyers Not on Vacation In Sizzling Resort Market.