(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Friday, June 14, 2013
Vacation home prices continue to soar
The median sales price of a vacation home in 2012 was $150,000 -- up 24% from the prior year --and this summer could be another sizzler.
Values are still well below the 2005 peak of $204,000, and many sought-after areas are teeming with investors, says Zillow chief economist Stan Humphries.
The hottest locations? Those, like Florida, hit hardest by the downturn.
Plan your escape
Pack some cash: Last year 46% of vacation-home buyers paid cash, reports the National Association of Realtors, up from 42% in 2011. So bring Benjamins, or at least a mortgage prequalification letter.
Get real about renting: Though 60% of buyers think rents will cover most of their mortgage, plan for additional expenses. Property-management fees, for example, average 21% of rental income, according to a new survey by vacation rental company HomeAway.
Article from CNN
Ken Keegan
Real Estate Broker
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment