After an uphill climb from the recession of 2007, many economists believe the housing market is now the strongest it`s been in years. In fact, it has been one of the brightest spots of the economic recovery – a good sign for homeowners & homebuyers that real estate is a solid investment.
Great Time to Buy a Home
According to the National Association of Realtors (NAR), existing home sales were up by 6.6% in the first quarter compared to 2014 & home prices rose anywhere from 4.1% to 6.8% in the first half of 2015. As for vacation homes, sales rose 57% last year over 2013 to a total of 1.3 million properties, well above the last peak level in 2006. Vacation home sales also accounted for 21% of all real estate transactions last year – their highest market share since the NAR first conducted their survey in 2003.
Great Time to Rent a Home
Since a healthy housing market is a reflection of healthy budgets, these are good indicators that Americans also have more money to stay in vacation homes. This is especially true for millenials & young families. Out of the 3 million jobs created in the last 12 years, 1 million have been taken by this age group. Vacation rental tech expert LeisureLink stresses that millenials are a powerful segment of travelers to attract & cater to. Known as “Generation C” (for Connect), millenials have high expectations in the technology department when it comes to their vacation (ie., Wi-Fi & tech-friendly amenities are a must!)