SunCrest Market Updates June 3, 2015

May SunCrest Market Update

Vacation Homes Surging

According to the 2015 Investment and Vacation Home Buyers Survey from the National Association of Realtors, it’s not just primary homes that have seen an upturn in the real estate market–vacation home sales were up 57.4% from 2013. Vacation home sales accounted for 21% of all transactions nationwide in 2014, the highest since 2003.

The study also uncovered an interesting fact: Nearly half of all vacation home buyers were looking for a BIGGER home so friends and family could visit. Access to mountains, rivers, and outdoor recreation were the main features that appealed most to those buyers when considering their purchase.

We expect Baby Boomers (those born from 1946-1964) to remain particularly active in the vacation home market as they move closer to retirement. Many Boomers are considering buying second homes now, which they will then convert into their primary residence upon retirement. We believe that as these Boomers become more confident in real estate as a long-term investment, vacation home sales will remain a steady part of all real estate transactions.

Our Take:

It’s difficult to pin down the exact number of homes in SunCrest that have been purchased as vacation homes. SunCrest offers a desirable lifestyle for those seeking hiking, biking, skiing, and being close to nature. If you or anyone you know is interested in a vacation home, we believe SunCrest’s natural beauty and ideal location make it an ideal place to own*.

*Vacation/second homes must adhere to Draper City Code and SunCrest CC&R’s as they pertain to being used as rentals.