4 Top Markets for Vacation Home Purchases
Where Should Your Clients Buy Their Second Home?
Do you have clients who are looking for a second home to use as a vacation home? What are the top vacation home markets? These information requests are becoming more and more common. According to the National Association of Realtors vacation home sales rose by 57.4% in 2014 compared with 2013, reaching a record high.
Whether they’re looking for a second home that can double as an investment property, or are solely interested in having the home for personal use, these are some of the top markets around the country where buyers can find their perfect getaway.
1. Outer Banks, North Carolina
While many buyers in the Outer Banks are from Northern Virginia and Washington, D.C., that doesn’t mean the area is off-limits to buyers in other regions. Vacationers love the area for the beaches, ample outdoor opportunities, wreck diving and more.
According to Cindy Edwards, “A big part of our market is people who spend the spring and fall here and then rent their home by the week in the summer to generate income … Most people come here and rent a few times and then want to buy something for around $300,000.”
2. Port Salerno, Florida
As far as investment potential is concerned, Port Salerno is an east-coast Florida gem that’s worth investigating. It’s a great spot for beach lovers and golfers alike, with several stretches of sand to explore.
According to FortuneBuilder.com, the median home value in the town is $153,800, and the median monthly rent is $1,472, which could make the investment potential in this town very appealing to some buyers.
3. Crested Butte, Colorado
Are your buyers more interested in mountains? Christy Sports knows Colorado, and one of their top recommendations for a vacation home in Colorado is the ski town of Crested Butte. Homeowners will have access to world-class skiing with the added bonus of far fewer crowds than you’ll find in popular Summit County.
It’s a 100-mile drive away from Aspen, or a 12-mile hike, but prices are far more affordable in this charming town. In 2015, the average list price for a house in Aspen was over $5.1 million. However, in Crested Butte the average list price was $534,386.
4. Lake Arrowhead, California
We’ll keep moving west with this next booming vacation home market with Lake Arrowhead in California.
Water levels are down due to drought, but the town remains as popular as ever. Buyers will love the outlet shops, funky boutiques, quality restaurants and plenty of events. And the best part? A $241,000 average home price, with an average selling price of $406,000. Those drastically different figures represent the wide range of prices in this market.
Don’t forget to vacation-proof
And remember, your clients will need to vacation-proof their vacation home when they aren’t using it. Here are some tips to help them keep their homes safe while they’re away.
Learn more about how a Home Warranty can save homeowners from unpleasant financial surprises and add value to your business.