Baby boomers are starting to enter into retirement, and buying up vacation homes in increasingly large numbers. After a long recession people are finally starting to have a decent amount of money
saved up again, and are using this capital to invest in their retirement or summer hideaways. The people most likely to be driving this trend are those wealthy investors who are starting to plan their retirements and want to purchase these second homes before interest rates go up this coming summer. As Lawrence Yun, chief economist for the National Association of Realtors, said recently “last year’s impressive increase reflects long-term growth in the number of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few year.” The total volume of vacation home sales more than doubled last year, a staggering 57 percent increase compared to 2013, and amounted to 1.3 million properties overall. This impressive growth certainly evidences the magnitude of this trend, which is sure to have an effect on the market as a whole.
Vacation homes are quickly becoming a major part of the real estate industry, as more and more people get back on their feet and are able to finally buy that second property that may have been out of their budget a few years ago. South Florida is known for being one of the most popular vacation destinations in the country, and as a result has a very high profile and active real estate market with fantastic new listings appearing daily. A second home in the sunshine state provides people both business and pleasure; with beautiful, secluded beaches that offer a private escape and easy access to a city that is known as much for its booming business as for its glamorous nightlife. South Florida is the ideal spot for a vacation or retirement home, and with higher interest rates on the horizon now is the time to buy. Contact a RE/MAX agent to learn more about all the wonderful commercial and residential properties on the market today!