Field Guide to Vacation, Resort, and Second Homes
(Updated May 2006)
The second home market is booming! In fact, the most recent studies by THE NATIONAL ASSOCIATION OF REALTORS® report that 27.7% of all homes purchased in 2005 were for investment, while another 12.2% were vacation homes. Here you'll find the latest statistics and trends affecting this growing segment of the real estate industry. You'll also find helpful information on how to work with a vacation home buyer as well as details on how to purchase NAR's new 2006 Profile of Second Home Owners! What's more, you'll uncover interesting details about NAR's New Second Home Professional Certification! If the vacation/second home market is of interest, you can't afford to miss the details and links found within this information-packed page! (K. Bartlett Walsh, Marketing & Communications Coordinator)
Contents:
Vacation/Second Home Market Growth | Working with Vacation/Second Home Buyers | RSPS (Resort and Second-Home Property Specialist) | Books, eBooks & Other Resources
Characteristics of Second Home Owners vs. Investment Property Owners
MEDIAN AGE:
Vacation Home Owners - 59 years old
Investment Property Owners - 55 years old
DISTANCE FROM OWNERS' PRIMARY RESIDENCE:
Vacation Home Owners - 220 miles
Investment Property Owners - 10 miles
PROPERTIES LOCATED IN THE SUBURBS:
Vacation Home Owners - 11%
Investment Property Owners - 35%
NEW! 2006 NAR Profile of Second Home Owners
Item #186-55-06
ORDER YOUR COPY TODAY!
Order online or by calling NAR's Information Central at 1-800-874-6500.
Vacation/Second Home Market Growth
What's up for seconds? (Homes that is!), (Florida REALTOR®, Sept 2006).
Today's home spun wisdom - rental income from vacation homes, (RIS Media, June 27, 2006).
Second home owner survey shows solid market, appetite for more, (NATIONAL ASSOCIATION OF REALTORS®, May 11, 2006).
Second home sales hit another record in 2005; market share rises, (NATIONAL ASSOCIATION OF REALTORS®, Apr. 5, 2006).
Cuckoo for condos!, (Money, Sept. 2005). Q
Your money matters: (a special report) - the hottest vacation-home markets: second home are sizzling; we tell you where - and why, (The Wall Street Journal, June, 13 2005). Q
United States: frenzied froth, the housing market, (The Economist - London, May 28, 2005). Q
Second home heaven - Orlando ranks in top 10 for residential sales, (Orlando Business Journal, May 13, 2005).
Is a housing bubble brewing?, (Retail Merchandiser, Apr. 2005). Q
Are boomers buying in a bubble?, (National Underwriter. Life and Health, Mar. 28, 2005). Q
Second home market surges, bigger than shown in earlier studies, (NATIONAL ASSOCIATION OF REALTORS®, Mar. 1, 2005).
Second homes/recreational property talking points, (NATIONAL ASSOCIATION OF REALTORS®, Apr. 12, 2004).
Working with Vacation/Second Home Buyers
Rugged, western and still a bargain, (The New York Times, May 16, 2006).
At home abroad, (Kiplinger's Personal Finance, Aug. 2005). Q
Wanted - a cottage or fixer upper, second-homes sales a hot investment strategy, (The Milwaukee Business Journal, Apr. 29, 2005).
Home prices topping $1M far more common, (The Albany Business Journal, July 15, 2005).
Baby boomers increasingly using second homes as investments, (The Albany Business Journal, July 15, 2005).
Boost your business with a vacation property, (Escapehomes.com, May 25, 2005).
Conversion condos, (Michigan REALTOR®, Mar. 2005).
Wanted: second homes, furnished, (Kiplinger's Personal Finance, Mar. 2005). Q
Buying a second home for leisure, (Escapehomes.com, Feb. 16, 2005.
Buy now retire later?, (Money, July 2004). Q
How to build a niche, (Realty Times, Nov. 7, 2003).
My (other) house, (American Demographics, June 2002). Q
RSPS (Resort & Second-Home Property Specialist)
NAR Announces New Resort Certification, (REALTOR® Magazine Online, Oct. 29, 2005).
NAR course "first resort" for second-home market agents, (NATIONAL ASSOCIATION OF REALTORS®, Apr. 12, 2004).
NAR: resort area & second home market specialty - education, (NATIONAL ASSOCIATION OF REALTORS®, Feb. 3, 2006).
New resort certification to serve growing second-home and resort market , (NATIONAL ASSOCIATION OF REALTORS®, Oct. 29, 2005).
NAR course "first resort" for second-home market agents, (NATIONAL ASSOCIATION OF REALTORS®, Mar. 2, 2005).
Reaction - NAR's new second home professional certification praised, (Realty Times, Nov. 4, 2005, 2005).
eBooks & Other Resources
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Investing in a vacation home for pleasure and profit, (Mason, OH: Thomson South-Western, 2006). HD 1341 B69
How a second home can be your best investment, (New York, NY: McGraw-Hill, 2004). HD 1341 K28
REBAC roundtable 2004, volume II, resort, vacation and second home markets, (Chicago, IL: Real Estate Buyer's Agent Council, Inc., 2004). CD016
Making money from a second home: a practical guide to buying and managing a property for long lets, holiday lets or university accommodation, (United Kingdom: HowTo Books, Ltd., 2004). HD 1341 P26
Once is not enough: NAR's profile of second home buyers, (Real Estate Outlook, Feb. 2005, p. 8-9).
What to consider when selling vacation homes, (Real Estate Broker's Insider, Sept. 1, 2004, p. 6).
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Short-Term Rental Restrictions
Field Guide to Listing and Selling Luxury Properties
Power Tools for Resort Property Specialists
Power Tools on the Housing Market
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
