According to the National Association of Realtors' (NAR), 2008 Investment and Vacation Home Buyers Survey, long-term demand for second homes is expected to be strong. In the first half of the decade, people between the ages of 50 and 59 dominated sales of second homes. There are now nearly 125 million people in the United State between the ages of 30 and 59, and according to NAR Chief Economist Lawrence Yun, "the bulge of population approaching middle age should drive the second-home market over the next decade."
In addition, Yun says that lifestyle considerations are the single most important factor in the vacation home market. In fact, 89 percent of buyers surveyed wanted to use the home for vacation or as a family retreat, while investment concerns were considered secondary.
The Typical Vacation Home Buyer
- 46 years old
- Median household income of $97,200
- Purchased a property that was a median of 316 miles from their primary residence.
Additional Findings About Vacation-Home Buyers
- Twenty-six percent of vacation homes were purchased in small towns
- Seventy percent purchased detached single-family homes.Sixty-nine percent purchased existing homes; the rest purchased new homes
- Vacation-home buyers plan to keep their property for a median of 12 years
- Eight in 10 second-home buyers consider it a good time to invest in real estate.
No comments:
Post a Comment