More Signs that the market is finally starting to pick up!!

Vacation Home Sales on the Rise!

The American desire to own a second home as a vacation home is alive and well!

 *According to the National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales.

     

• Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011
• Sales accounted for 11% of all transactions last year, unchanged from 2011
• The median price was $150,000, compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012

Buyer Profile

• The typical vacation-home buyer was 47 years old
• The median household income was $92,100
• Buyers plan to own their recreational property for a median of 10 years

Lifestyle factors remain the primary motivation for vacation-home buyers

• 80% want to use the property for vacations or as a family retreat
• 27% plan to use it as a primary residence in the future
• 23% plan to rent to others
• 23% wanted to diversify their investments or saw a good investment opportunity

Investment Home Sales on the Rise!

The American desire to invest in real estate is alive and well!

*Investment purchases of residential real estate remained elevated for a second consecutive year, according to the National Association of Realtors.  “Investors have been very active in the market over the past two years, attracted mostly by discounted foreclosures that could be quickly turned into profitable rentals. With rising prices and limited inventory, notably in the low price ranges, investors are likely to step back in coming years.”

Investment Property Owner Stats

• Investment-home buyers in 2012 had a median age of 45
• Earned $85,700
• 35% of investment buyers purchased more than one property
• 47% of investment buyers said they were likely to purchase another investment property within two years
• 55% of investment buyers said they purchased for rental income
• 30% wanted to diversify their investments or saw a good investment opportunity
• 20% wanted to use the home for vacations or as a family retreat
• 16% purchased the property for a family member, friend or relative to use, often for a son or daughter to use while attending school
• The median investment-home price was $115,000 in 2012, up 15% from $100,000 in 2011
• The median down payment for investment home buyers was 27 percent, the same as in 2011
• All-cash purchases remain common in the investment-home market. Half of investment buyers paid cash in 2012

So if you are interested in purchasing your first Vacation Home, an Investment Property, or
Your First Home get in touch and let me find the right property for you!!!!