According to the recently released National Association of Realtors (NAR) 2016 Investment & Vacation Home Buyers Survey, the number of vacation home sales in 2015 decreased slightly, but it was the second highest amount of sales in nearly a decade. The number of investment purchases increased in 2015 for the first time in five years. With prices on the rise now is the perfect time to sell your home along the Jersey Shore.
This yearly survey covers existing home sales, new-home transactions, and investment properties. The median sales price of both vacation homes and investment properties saw numbers surge. The median sales price of vacations homes across the nation was $192,000, up 28.0 percent from the year prior.
The vacation housing market was impacted by the number of sales in 2015 due to low housing inventory. As a result of the constrained inventory of homes available for buyers, home prices increased. Of those vacation homeowners who responded to the survey 37% plan to use the home as their own personal family retreat and 16% plan to use it as a permanent residence in the future.
Lawrence Yun, chief economist for NAR, had this to say about the report, “Baby boomers at or near retirement continue to propel the demand for second homes, although headwinds softened the overall volume of vacation sales last year, and the expanding pool of buyers amidst a dwindling number of bargain-priced properties led to tighter supply and fewer sales, and caused the price of vacation homes to rise. Furthermore, the turbulence that hit the financial markets the second half of the year likely seized some would-be buyers’ available cash.”
When it came to searching for the perfect vacation home, 51% of buyers found the home they purchased online, 16% strictly used a Realtor, and 12% purchased from word of mouth from a friend or a neighbor.
If buying a second home on the Jersey Shore is something you are considering, we’d be delighted to take the time to show you potential homes and to answer any questions you may have about owning a second home. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.