Home Away from Home
According to the National Association of Realtors® 2013 Investment and Vacation Home Buyers Survey, vacation homes continue to be important to American homebuyers. The study revealed vacation home sales rose 10.1 percent in 2012 over 2011. Favorable conditions, like a strong stock market recovery, helps more people in the prime ages for buying vacation homes and appears to be driving second home sales.
Investment home sales dipped slightly but remained elevated. Investment properties accounted for 24 percent of all sales in 2012, down from 27 percent the year before, marking the second highest share since 2005.
Second home prices also rose in 2012. The median vacation-home price was $150,000 compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012. Investment-home prices also rose to $115,000 in 2012 compared to $100,000 in 2011.
“Are two houses better than one?”
Talk to a REALTOR® about second home sales. Are they seeing an increase? Are their clients buying second homes for vacation purposes or as investment properties? Talk to second homeowners, why did they buy an additional property?