Second Place – How Will 2015 Wrap Up – Part V

A national and local look at how the vacation- and second-home market is faring. By Gayle Bennett – Reprinted from The Real Estate Specialist

Pearson expects 2015 to be another strong year in her area of Northeastern Michigan. “Finally people downstate can sell for more money, and they can move upstate and buy so much more for their money,” she says. “There’s a trailing effect that’s taking place.”

With the Tahoe area’s low inventory and high demand, the Solis are likely to see sales prices continue to increase. However, Bruce Soli points out that since many owners in their market don’t have to sell, they often put their homes on the market at an inflated price. He calls them recreational sellers. “There’s a bit of a disconnect with some of the pricing,” he says. “When people are looking to buy, I recommend they stretch their price point during the search. What they are looking for is probably available; however, it might just be overpriced.”

Polly also expects 2015 to end on a high note in terms of both sales and price. After all, he says, Florida has three key things that people like in a vacation home: “Warmth, water and way of life: People are drawn to that.”