According to a recent survey by the National Association of REALTORS®, vacation home sales increased a lot in 2013.
Vacation home sales +29.7% (13% of all transactions)
Investment home sales -8.5%
Owner-occupied homes +13.1%
According to the report, “NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. ‘Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property. However, vacation-home sales are still about one-third below the peak activity seen in 2006.”’
All-cash purchases remained pretty common in the vacation home market with 38% of vacation home buyers paying cash.
The survey went on to report, “The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a median distance of 180 miles from his or her primary residence; 46 percent of vacation homes were within 100 miles and 34 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 6 years, down from 10 years in 2012.”
- 8 out of 10 vacation home buyers said now was a good time to purchase a vacation home
- According to the U.S. Census Bureau, 8.0 million vacation homes exist in the United States.
So what does this mean for you?
Whether you are looking for a vacation home or investment, give me a call. I will help you find the right property for your needs!!
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**All information above is from the National Association of REALTORS® for informational purposes only.
