26 May 2015 · DHG
Vacation home buying is on the rise, and The David Hoffman Group has expanded to Charleston, SC to meet the needs of Charlotte-area buyers.
According to The National Association of Realtors, the largest growth in home sales in 2014 came from buyers purchasing second homes. The share of vacation home buyers rose to 21 percent of overall home sales, up from 13 percent in 2013.
Owner/Broker David Hoffman of The David Hoffman Group at Keller Williams says he’d been planning to expand to Charleston for a decade. He opened an office there with expansion partner Brittany McMeeking earlier this year, after getting many requests from clients.
“Charleston is a top second-home destination choice for those living in Charlotte.” says Hoffman. “As soon as we announced we were opening an office there, we had a client make an offer. It’s a natural progression from the Charlotte market and helps to better serve our Charlotte clients.”
BEACH PROPERTIES MOST POPULAR
According to the NAR’s survey, the majority of vacation home buyers purchase a beach property within 200 miles of their primary residence, and Charleston fits the mold for Charlotte residents. Vacation home buyers have a few different motivations for making a second home purchase. The NAR reports that one-third of buyers plan to use their property for vacations or as a family retreat, nearly 20 percent plan to convert their vacation home into their primary residence in the future, and the rest were split between buyers motivated by price appreciation and those who were taking advantage of low prices. Hoffman says those are all good reasons to consider buying a second home. “With the demand for vacation homes continuing to rise, especially with baby boomers starting to retire, many are seeing the value in buying now.” he says. “They’re also able to enjoy some rental income before rates and prices climb even more.”
TAKE ADVANTAGE OF GOOD DEALS
Even with the rise of vacation home buyers, there are still good deals to be had. In 2014, 45 percent of those buyers purchasee a distressed property – either a foreclosure or a short sale, with an average price of $150,000.
And there’s no sign of slowing down! 80 percent of the second home buyers surveyed agreed that now is a good time to purchase real estate. “Climbing rental rates, coupled with limited supply, makes a second home very attractive right now. One thing is for certain; they aren’t making any more oceans.” Hoffman adds.
Charleston real estate listings are now available on our website if you’d like to begin your search for your dream vacation home! Click here to check them out!