Some may say this is old news, but it confirms what we have been seeing in our own Madeline Island real estate market. Vacation homes made up thirteen per cent of all real estate sales in 2013. That's the highest percentage since 2006, when second homes made up fourteen per cent of sales.
NAR (National Association of Realtors) economist Lawrence Yun attributed the boom to stock market gains, referring to growth in equity investments which "has greatly benefited high-net-worth households".
The NAR report announced that 38 per cent of … (0 comments)
You see this fairly often in the vacation home market in the northern United States, north of the Sun Belt. Sellers will put a second home or vacation cabin on the market during spring, summer and autumn, then take it off the market during winter.
The idea behind this strategy is the claim that "nobody will look at your listing in winter anyway". For some agents, particularly seasonal agents who don't want to work all that hard during what they perceive as the "off-season", this makes sense.
Pulling your listing off … (0 comments)
second home: Turning FSBOs Into Success Stories
- 04/07/13 03:05 AM
Turning FSBOs into Success Stories A fair number of our listings start out as "For Sale by Owner" properties. To prospective sellers, what a real estate broker does appears easy. Judging from the public's eagerness to try their hand at what we do, it's probably a good thing we aren't trapeze artists. Selling a home, particularly a second home in a relatively low-density vacation area, isn't easy these days. I've witnessed FSBO vacation homes that started out outrageously overpriced when they hit the market. Sellers tend to ignore factors like recent sales and the availability of mortgage money when they price their homes. Many FSBO sellers … (2 comments)
The distinction between a "cabin" (or "cottage") and a summer home or vacation home is often misunderstood by prospective buyers. I've even noticed that some real estate agents make the same mistake when describing a dwelling. In our Madeline Island community, the percentage of year-round dwellings is increasing, particularly as a result of zoning regulations which require that new dwellings conform to the Wisconsin Uniform Building Code. A new construction home on Madeline Island must meet certain criteria. Manufactured doors and windows must be used, and the R-value of walls, windows … (3 comments)
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