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Vacation retreats are on the rise, while investment properties are a declining trend. According to the NATIONAL ASSOCIATION OF REALTORS®’ 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, U.S. vacation-home sales rose 7.9 percent in 2009 from 2008, while investment-home sales fell 15.9 percent in the one-year period. Primary residence sales rose 7.1 percent to 4.04 million in 2009.
Families and individuals recognize the value in utilizing their real estate properties for vacation and making memories, not just a quick financial turnaround. Contact a local REALTOR to help you find a second home in one of New Jersey’s vacation spots.
The NATIONAL ASSOCIATION OF REALTORS® (NAR) recently released the first quarter 2010 Metro Area Market Reports. These reports examine homeowners’ equity, price affordability, mortgage markets and rates of foreclosure in NJ areas compared to the national average. In each of the metropolitan areas below, the 7-year appreciation rate yielded positive results in homeowners’ equity. This shows real estate in NJ continues to be a strong long-term investment.
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.
Pending sales in the Northeast jumped 29.5 percent to 97.9 in April and are 24.5 percent above a year ago.
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Instructions on claiming the home buyer tax credit.
Copyright 2009 New Jersey Association of REALTORS®. All rights reserved.
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