As the Dog Days of Summer draw to a close, many people are still winding up their summer vacations, while others are planning their Fall-Winter-Spring sojourns. As the economy continues to improve and consumers gain confidence in their outlook, vacation home purchases continue to rise.
While some people buy a vacation property to be near a beach, in the mountains, with access to golf, or amusement and water parks, some people buy second homes just to escape from other people. Regardless the reason, sales are going up.
The National Association of Realtors® (NAR) reported a 10 percent increase in vacation home sales last year (see a previous blog on this study at http://blog.stewart.com/stewart/2013/07/27/international-homebuyers-6-3-percent-of-total-u-s-existing-home-sales/ ). In the NAR study, approximately one-in-four vacation home buyers purchased with the intention to rent out their new properties.
VacationHomeRentals.com, reported their list of the most popular June destinations, and compiled a top-10 list. The more people heading to a destination, the greater the demand for rentals. And the top-10 June destinations reported by VacationHomeRentals.com?
Top 10 Most Popular Vacation Rental Demand Markets June 2013
- Kissimmee, Florida
- Cape Cod, Massachusetts
- The Poconos, Pennsylvania
- Outer Banks, North Carolina
- Destin, Florida
- Myrtle Beach, South Carolina
- Ocean City, Maryland
- Panama City, Florida
- Galveston, Texas
- Oahu, Hawaii
There are several things I am certain about, based on this list.
- I would expect that these destinations change with the season, with ski areas perhaps more heavily booked in the winter and beaches In the summer, for example.
- Not all people will ever agree on the best locations.
So what would be your favorite location to purchase a vacation home?
To read the entire article, click: http://www.marketwatch.com/story/best-places-to-buy-a-vacation-home-2013-08-08
And for myself? I will contemplate the answer this weekend at my condominium in Galveston……