Buying a summer vacation home continues to be a popular investment among recent buyers, as revealed by the National Association of Realtors® 2013 Investment and Vacation Home Buyers Survey. Vacation home sales accounted for 11 percent of all transactions last year. The survey also provides insight into the profile of the typical vacation home buyer.
According to the survey, the typical vacation home buyer was 47 years old with a median household income of $92,100. Among these buyers, lifestyle factors are the primary motivation for their purchase. Eighty percent want to use the property for vacations or as a family retreat, 27 percent plan to use it as a future primary residence and 23 percent plan to rent it to others.
- “Where are they going?”
Forty-five percent of vacation home purchases were made in the South. Talk to a Realtor® about popular locations for vacation home buyers. Where do they tend to purchase? Why? Ask about the profile of the typical vacation buyer. Are they seeing similar trends in their market?