Walla Walla Real Estate

Vacation Homes

Vacation-home sales have soared the past five years, fueled by low interest rates, rising demand as boomers prepare for retirement, and a continuing interest in real estate as an investment. A record 1.02 million vacation homes were purchased in 2005, a little more than 12 percent of all homes sold*. That figure represents an increase of 16.9 percent over 2004. And economists predict that demand from baby boomers will continue to boost vacation-home sales for at least the next 10 years.

Trends in Vacation Home Ownership

Vacation homes are hot in the West
Once considered a luxury for the wealthy, vacation homes are now within the reach of many Americans. Over the past five years, the West has experienced some of the greatest home appreciation rates in the country. This significant increase in home values has made it possible for many homeowners to use that equity to purchase a vacation home. According to a 2006 Windermere survey of homeowners throughout the West, about 16 percent also own a vacation home. For the majority of homeowners, vacation homes aren’t necessarily pricey houses or condos in resort areas—they’re smaller, less-expensive cottages and cabins that provide an escape from the bustle of everyday life. The national median price of a vacation home in 2005 was $204,100.*
*National Association of REALTORS

Bookmark