Vacation Home Sales Soar

Vacation Home Sales SoarAccording to the 2014 Investment and Vacation Home Buyers Survey by the National Association of Realtors, vacation home sales jumped dramatically in the last year or so. The survey reveals that vacation homes increased by almost 30% in 2013, their sales accounted for 13% of all real estate transactions. Meanwhile, investment home sales plummeted by 8.5%, and the market share fell to 20 percent in 2013 from 24 percent the year before that.

So what was the main motivator for buyers of vacation homes? According to the NAR survey, lifestyle factors were the main motivation. Also, a third of vacation home buyers planned to live in the home as a primary residence in the future. While the cost of traveling abroad rises, vacation homes are usually easier on buyers’ budgets. The prices of investment homes have been rising in the past year, and this has turned many investors off when it comes to buying.

A common trend among both vacation home buyers and investment home buyers: big down payments. According to the NRA survey, buyers of vacation homes usually paid a down payment of about 30%, while buyers of investment homes paid a down payment of 26%.

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