Buyers Not on Vacation In Sizzling Resort Market
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Buyers Active in the Booming Resort Market
Summary:
The real estate boom extends beyond primary homes, with second homes experiencing significant growth. Vacationers and investors are drawn by low mortgage rates and rising home values.The real estate market surge isn't just about primary residences. Second homes are seeing unprecedented demand, fueled by vacationers and investors eager to capitalize on low mortgage rates and soaring home values.
A study by the National Association of Realtors revealed that in 2004, vacation home purchases surged to 2.82 million, a 16% increase from the previous year.
This rise in demand also drove prices up; the average vacation home price jumped 21% from 2003 to 2004, double the appreciation rate of the broader market.
Aside from vacation properties, the second-home market gained momentum from those seeking lucrative investments. Almost 25% of homes bought in 2004 were for investment, marking a 14% rise from 2003.
Seeing this trend, real estate firms are focusing on catering to these influential buyers.
"Second-home buyers are a crucial and expanding segment," said Brenda Casserly, president of ERA Real Estate. "These buyers have specific needs, and firms must offer both personalized services and online resources."
ERA Real Estate leads in this area with its Resort Properties International program. This initiative boasts a team of resort experts providing global resources and specialized information about second-home properties across various price ranges and preferences.
Recently, ERA Real Estate introduced Resorts.ERA.com, a platform tailored for second-home buyers. The site allows users to search properties by state or criteria like waterfront, ski resorts, and golf communities.
Through the website, buyers can connect with resort and second-home market specialists and access state and local resources along with market trends.
You can find the original non-AI version of this article here: Buyers Not on Vacation In Sizzling Resort Market.
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