Vacation Homes are on the Rise

More buyers are investing in vacation homes, and they are choosing places where they would ultimately like to live. They want to live a healthy lifestyle, have a good quality of life, and be in a place where they know their kids and grandkids will love to visit.
 
According to a 2011 survey from the National Association of Realtors (NAR) 19% of homebuyers own more than one home, up 5 percent from the previous year. Further, vacation properties accounted for 27% of all home sales last year.  Buyers are investing in vacation homes now because they know prices are not going lower and they’re seeing the current inventory being bought up. In Jackson Hole, property values have dropped 40-50% since the market peaked in 2007. Many of these buyers are future retirees looking for a deal now while prices are low and interest rates are so favorable.   
 
NAR reports 34% of vacation home buyers plan to occupy their vacation home as a primary residence upon retirement.  Some buyers own three or more vacation homes.  
 
We’re seeing baby boomers planning to retire in a few years, taking advantage of our low market prices, with the intent to move to Jackson Hole when they are able.  They know prices will go up as well as interest rates. The market is at or very near bottom.  There’s no better time than now to start getting to know the market. 
 
You can’t ski into your apartment building.  Some investors are exchanging their investment properties, such as apartment buildings, warehouses or commercial buildings, utilizing the IRS Code 1031 Tax Deferred Exchange.  They’ll acquire a Spring Creek condo or a Teton Village ski-in/ski-out home that will go into a rental pool where it will be professionally managed and maintained by one of Jackson Hole’s many property management companies.
 
A second home can be a vehicle to generate investment income. Or it might be the fulfillment of a long-held dream. For those fortunate enough to have put aside some disposable cash, today any one of those Teton view homes for sale could wind up representing both!  If you’ve been thinking about a vacation home or if you were previously priced out of the market, now’s the time to jump in or you may be kicking yourself, again, when prices move up.
 
Call me today 307-690-6906 for a complete list of available Jackson Hole vacation homes.