April 14, 2014 8:21 am
We strongly believe that this is the year Millennials will re-enter the housing market in a VERY BIG WAY. NAR’s recent Home Buyer and Seller Generational Trends report has revealed that this generation already makes up a higher percentage of home purchasers than any other generation. The reason is that Millennials associate homeownership with these all important attributes: With 49% [...]
April 14, 2014 8:21 am
The housing market is recovering nicely. Prices have increased nationally by double digits over the last twelve months. Competition from the shadow inventory of lower priced distressed properties (foreclosures and short sales) is diminishing rapidly. Now may be the perfect time to sell your home and move to the dream house or beautiful location your family has always talked about.
The one suggestion we would offer: DON’T OVERPRICE IT!!
Even though prices have increased by more than 10% over the last year, the acceleration of appreciation
has slowed dramatically over the last few months. As an example, in their April Home Price Index Report
revealed that home prices actually depreciated by .08% this month as compared to last month’s report. What concerns us is that Trulia
that asking prices
are still continuing to increase.
April 10, 2014 7:48 am
The American desire to own a second home as a vacation home is alive and well!
The National Association of Realtors analysis of U.S. Census Bureau data shows there are approximately 8 million vacation homes in the U.S. Their 2014 Investment and Vacation Home Buyers Survey
shows vacation home sales improved substantially in 2013.
NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:
“Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”
Here are the key findings from the report:
- Vacation-Home sales rose 29.7 percent to 717,000 from 553,000 in 2012
- Sales accounted for 13% of all transactions last year, up from 11% in 2012
- The median price was $168,700, compared with $150,000 in 2012, reflecting a greater number of more expensive recreational property sales in 2013
- 42% of vacation homes purchased in 2013 were distressed homes (in foreclosure or short sale)