Is now the time to buy a vacation home?

Is now the time to buy a vacation home?

Waking up to the sound of waves crashing on the beach is enticing to many people. In fact, it has been so enticing that many people have jumped at the chance and taken advantage of lower home prices. According to the National Association of Realtors, sales of vacation homes increased 7 percent in 2012.

A survey by the organization showed that most people who bought vacation homes last year did so because of the lower prices. Before the recession, beach-front properties in places like Destin seemed unattainable for many people. However, because of the housing crash many people have found that they can afford the vacation home of their dreams. For instance, some home prices declined by an astounding 40 percent.

A little more than 500,000 vacation homes were purchased last year. In 2011, around 470,000 vacation homes were bought. The median price last year was 19 percent lower than the year before around $121,000. According to the National Association of Realtors, most people who bought vacation homes did so for personal use. Only about 22 percent of those surveyed said they intended to rent the property.

Buying a home is a big step for most people in Florida and beyond. Buying a vacation home can be even more exciting. A lot of people spend their whole lives dreaming about owning a vacation home. Although the recession caused a great deal of harm, it helped bring down home prices, making it possible for some people to realize the dream of owning a home on the beach.

Source: New Orleans Magazine, "Buying by the Beach," Kathy Finn, March 2013

  • Whether you are a first-time homebuyer or someone looking to buy a vacation home, our firm helps people with real estate transactions. For more information, please visit our Fort Walton residential real estate page.