Vacation home sales are on pace to reach their highest levels since 2003. Meanwhile investment home sales decreased 7.4% to 1.02 million sold in the past year.
Rising home prices and decreasing distressed properties coming on the market have been the major contributors to fewer investment property sales according to Lawrence Yun, NAR chief economist.
Vacations homes aren’t within reach for everyone, though. The median household income of vacation home buyers was $94,380 in 2014, up from the previous year. Although more than half of vacation buyers bought a single family home, the percentage of those buying a condo, townhouse or row house increased over the previous year as well.
Remember, there are many ways of generating part-time rental income from your vacation home, and there are myriad ways of managing that process from property management companies to the VRBO (Vacation Rental By Owner) service to just posting it on Craigslist.
If it doesn’t make sense to buy an investment property now, and you still want to invest in more property, consider a Vacation Home with part-time rental income to offset costs and see if that isn’t a prudent move for you. To get more information and free advice on the subject, contact your Personal Realtor and Trusted Advisor, Carol Sawdey at (925) 487-2353 or at firstname.lastname@example.org.