“We’re getting the calls again from people looking to really buy, buy into the market and start renting again,” said Lipscomb.
The impact of Super Storm Sandy is less apparent further south on Hilton Head Island in South Carolina.
“It’s a great time to buy, it’s a bad time to sell is what I tell people,” said James Wedgeworth, who has been selling real estate on the island for over a decade. “There is a light at the end of the tunnel.”The rental market on Hilton Head, which largely caters to the golfing set, has remained strong throughout the recession, likely because so few people wanted to buy. Confidence is slowly returning here, but prices are not.
“It hasn’t really started going up, but at least it’s not going down. We had seven straight years of prices going down. That’s no fun,” added Wedgeworth.
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Vacation home sales rose 10 percent nationally in 2012, according to the National Association of Realtors, but as with all things real estate, location is key. Prices are just stabilizing in South Carolina, but in the tiny towns of eastern Long Island, New York, better known as the Hamptons, home prices are roaring back and rentals are fully booked for the season.
“We’ve seen bidding wars in the four to five million dollar range as well as in the overall market,” said Laura Nigro, a real estate broker in Bridgehampton. “It’s so much better than when the 2008, 2009 economy shrank and people were very much afraid to invest in anything.
Article source: http://www.cnbc.com/id/100751056