<img src=”/wp-content/uploads/2016/06/6-1-16-vacationhouse-300×200.jpg” alt=”6-1-16-vacationhouse” width=”300″ height=”200″ class=”alignright size-medium wp-image-1062″ /><br /><br />As Moreno Valley’s spring selling season edges toward summer, the allure of vacation houses is more likely to emerge as a front burner issue. The practical rewards of having a second home as a vacation retreat—sometimes one which can also be rented out part-time—is more likely to become an action item as the summer months near.<br /><br />Earlier this month, we learned about some national trends in a report that detailed the numbers from last year. The NAR® released the summary which went into detail about 2015’s vacation house purchases and the buyers who claimed them. <br /><br />Prices across the nation were up significantly, which explained why the volume of year-to-year sales had slightly contracted. Even so, they were still the second strongest since 2006, with more than 900,000 changing hands. More than a third of vacation house buyers intended to use their property for vacations or as a family retreat—roughly twice as many as planned to use it for retirement. The lion’s share were single-family residences, with a quarter preferring condos, and fewer still opting for a townhouse or row house.<br /><br />None of those figures should come as a surprise for Moreno Valley readers who are considering the purchase of their own second home. As the rising cost of vacations combines with a seemingly endless escalation in the amount of stress that air travel entails (it’s been called the “anti-vacation” experience), everything seems to argue for practical getaway alternatives. The NAR report showed that typical vacation houses didn’t demand an airport experience. They were distant, but not too distant: the median location was “driving distance” away (about 200 miles).<br /><br />The biggest turnabout came via the median sales price vacation houses rang up for the year. It’s no exaggeration to characterize the rise as “soaring.” The median sales price was $192,000—a massive 28% jump above 2015 prices! They made up 16% of all residential sales transactions for the year, and although that meant a decline from 2015, last year’s volume had comprised a virtual “explosion” (CNN Money’s characterization): an uptick of 57% over 2014.<br /><br /><strong><em>The NAR report also sampled the opinions of the buyers, finding that 80% said they believed that now is a good time to purchase real estate. Since they had just purchased vacation real estate, that doesn’t seem to be much of a surprise—although I do have to admit I agree with them! If you’re inclined to agree, I hope you’ll give me a call. Right now Moreno Valley’s market has a wide roster of great offerings at prices for every budget!</em></strong>
