STATEN ISLAND, N..Y. — Across the country spring is finally making an appearance and for many Americans this means one thing: vacation time. And according to the Staten Island Board of Realtors (SIBOR), more and more people could be taking that vacation in their second home.
The National Association of Realtors’® 2014 Investment and Vacation Home Buyers Survey shows vacation home sales accounted for 13 percent of all sales in 2013, up nearly 30 percent from the previous year. That represents their highest market share since 2006. Even as activity picks up, the market remains good for buyers. This means that if you’ve been dreaming of buying a vacation home, now may be the time.
“Before you start the process of looking for a vacation home, you should think about what kind of home you want,” said Sandy Krueger, CEO of SIBOR. “Are you looking for a condo or a house? Do you want a cabin in the woods or a bungalow on the beach? Knowing what you want to get from your home can help establish a price range and location you can use to begin your search.”
Once you have a general idea of the area and type of vacation home you want, your next step is to contact a Realtor®. “Whether you’re going to buy a vacation home across the country or across the street, working with a Realtor® can save you time, money and a lot of stress,” said Krueger. “A Realtor® who lives and works where you want to buy can provide valuable insight into the local market. He or she can help you determine what you can afford and what neighborhoods fit your wish list.”
A Realtor® will also have insights into the area’s current real estate values, utility costs, municipal services, taxes and facilities, and zoning laws that may affect your property.
You may want to interview a number of Realtors® before deciding on the one best suited to your needs.
Are you considering renting your vacation home when you are not using it? If so, ask your Realtor® about renting your vacation home to others – he or she can advise you on potential restrictions, advantages and disadvantages, and tips for making your vacation home a top-notch investment as well as a fun retreat for your family.
About The Staten Island Board of REALTORS® (SIBOR)
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,700 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
Media Contact: Barton Horowitz