The sun is shining, the snow is finally gone and summer is just around the corner. After all Maine is vacationland so it only seems appropriate to talk about vacation-home sales. Vacation homes are recreational property purchased primarily for the buyers (or his/her family’s) personal use or for rental, financial or investment purposes.
The Lakes Region is a very popular recreation and vacation destination. Our close proximity to Massachusetts makes the area an attractive locale for out-of-state buyers. Being within a two-hour drive from your second home means you will use it more often, but there are many people from other states that own vacation homes in southwestern Maine.
Vacation home sales improved in 2012, while investment purchases remained elevated for a second consecutive year, according to the National Association of Realtors.
Favorable conditions are driving second-home sales. The strong stock market recovery helped more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw. All-cash purchases remain common in the investment- and vacation-home market. Buyers who financed their purchase with a mortgage in 2012 typically put down a large percentage of the purchase price.
There are many reasons why buyers purchase vacation homes. Lifestyle factors remain the primary motivation for vacation-home buyers, while rental income is the main factor in investment purchases. A large majority wants to use the property for vacations or for a family retreat. Some plan to use it as a primary residence in the future, while a few others plan to rent. Waterfront buyers who want to diversify their investments see it as a good investment opportunity.
If you know someone who is looking for a waterfront/vacation home the best way to find a quality property is to contact a local real estate agent preferably one who specializes in selling waterfront property. There are many different lakes and ponds and they appeal to the buyers for myriad reasons. Some buyers like smaller quiet ponds and some prefer the larger lakes where there is a lot to do and see. Whatever you are looking for there are plenty of options. The inventory is lower than it has been in past years, but there are still plenty to choose from.
Carrie Colby is the broker/owner is Premier Properties in Raymond she can be reached at columnist@TheWindhamEagle.com.