today's vacation home buyer

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  • 1.Todays Vacation Home BuyerResort & Second Home Real Estate Forum2011 Midyear Legislative Meeting May 12, 2011

2. 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

3. Sales of Primary Residences Drive Home Sales thousands Source: NAR 4. Vacation Home Sales Down Nearly 50% from Peak Source: NAR 5. Vacation Homes Are Now About 10% of the Market Source: NAR 6. Vacation Home Prices Fell Sharply in 2008 and Have not Recovered Source: NAR 7. Some Notable Shifts in Reasons for Purchasing a Vacation Home Source: NAR 8. Shift Toward Small Towns and Away From Resort Locations Since Peak of the Market Source: NAR 9. Location of Purchase and Type of Home Change Little from Year-to-Year Source: NAR 10. All Cash Transactions Growing Among Vacation Home Buyers Source: NAR 11. Foreclosures a Growing Segment of Vacation Home Sales Source: NAR 12. Vacation Home Buyers Find their Home Less Frequently Online and More Often by Word-of-Mouth than Other Buyers Source: NAR 13. Higher Income Households Purchase Further Away from Primary Residence Source: NAR 14. When Targeting Potential Vacation Home Buyers Also Consider the Following Source: NAR 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 15. Questions?

  • 2011 Vacation and Investment Home Buyer Report Item #E186-55-11
  • Available in the REALTOR.org Store
  • Paul C. Bishop Vice President, Research
  • [email_address]