If you've been thinking about buying a vacation home at Smith Mountain Lake or elsewhere, you're not alone.
Vacation-home sales for 2015 were at their second-highest level in almost a decade, according to a report released this month by the National Association of Realtors. That's more than 900,000 properties sold across the country last year.
The annual report included several characteristics of buyers, purchases and destinations that reminded me of Smith Mountain Lake and Southwest Virginia. Here are a few:
Single-family homes lead the way
More than half of the second homes purchased in 2015 were single-family houses, followed by condos and townhomes. Of course, the Smith Mountain Lake area offers all those property types.
About one-third of buyers plan to use their second homes for vacations or as a family retreat. Other planned uses include retirement and making additional income through renting the property.
Baby boomers are driving vacation-home sales
"Baby boomers at or near retirement continue to propel the demand for second homes," said Lawrence Yun, NAR's chief economist.
This makes sense and parallels what we're seeing in Southwest Virginia. The region has long been considered a premier retirement destination. Gorgeous views, a variety of fabulous amenities, state-of-the-art health care and an exceptional quality of life make the area desirable to the young and young at heart.
Vacationers' desire to travel often brings them to the South
Almost half of vacation homes bought last year were in the South, followed by the West, Northeast and Midwest. The median distance of a vacation home purchased in 2015 from a buyer's primary residence was 200 miles. It is a getaway, after all.
Its close proximity to major highways makes Smith Mountain Lake easily accessible. And while you won't run out of things to do even if you never leave the lake area, having Roanoke and Lynchburg nearby as population hubs gives you even more options. Major airports in Charlotte, Raleigh, Richmond and Washington, expand the possibilities when you're ready to get away from your getaway.
Mountains and lakes are popular destinations
Homes at the beach are most common, but almost one-fifth of vacation-home purchases in 2015 were in the mountains or at a lakefront. Are you surprised? Just think: At Smith Mountain Lake, you get the beautiful Blue Ridge Mountains AND 500 miles of shoreline. What could be better?
I'm ready to help you find your very own home away from home at Smith Mountain Lake. Call me at (540) 353-0123 or email me at sonya@sonyadickinson.com to talk about what's important in your vacation home. Take a minute to look at my listings, too.
