today's vacation home buyer
TRANSCRIPT
Today’s Vacation Home Buyer
Resort & Second Home Real Estate Forum 2011 Midyear Legislative MeetingMay 12, 2011
Housing Market in Transition
• Housing market recovering slowly
• Mobility stalled – people not moving as often
• Higher income households doing better
• Consumers still uneasy about the future
Sales of Primary Residences DriveHome Sales
thousands
Source: NAR
Vacation Home Sales DownNearly 50% from Peak
Source: NAR
Vacation Homes Are NowAbout 10% of the Market
Source: NAR
Vacation Home Prices Fell Sharply in 2008 and Have not Recovered
Source: NAR
Some Notable Shifts in Reasons for Purchasing a Vacation Home
Source: NAR
Shift Toward Small Towns and Away From Resort Locations Since Peak of
the Market
Source: NAR
Location of Purchase and Type of Home Change Little from Year-to-
Year
Source: NAR
All Cash Transactions Growing Among Vacation Home Buyers
Source: NAR
Foreclosures a Growing Segment of Vacation Home Sales
Source: NAR
Vacation Home Buyers Find their Home Less Frequently Online and More Often by Word-of-
Mouth than Other Buyers
Source: NAR
Higher Income Households Purchase Further Away from Primary Residence
Source: NAR
When Targeting Potential Vacation Home Buyers
Also Consider the Following…
Vacation Buyers looking within 500 miles of their Primary Residence more often:
Vacation Buyers looking beyond 500 miles of their Primary Residence more often:
Purchase a single-family home Purchase a condo
Buy in a rural area Buy in a suburb or resort area
Find their home thru “local” sources Find their home online
Purchase opportunistically Consider rental income potential
Source: NAR
Questions?
2011 Vacation and Investment Home Buyer ReportItem #E186-55-11
Available in the REALTOR.org Store
Paul C. BishopVice President, Research