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Vacation Home Sales SURGE in 2013!

According to a recent survey by the National Association of REALTORS®, vacation home sales increased a lot in 2013.

Vacation home sales              UP     29.7% (13% of all transactions)
Investment home sales         Down 8.5%
Owner-occupied homes         UP       13.1%

beachAccording to the report, “NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. ‘Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property. However, vacation-home sales are still about one-third below the peak activity seen in 2006.”’

All-cash purchases remained pretty common in the vacation home market with 38% of vacation home buyers paying cash.

The survey went on to report, “The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a median distance of 180 miles from his or her primary residence; 46 percent of vacation homes were within 100 miles and 34 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 6 years, down from 10 years in 2012.”

  • 8 out of 10 vacation home buyers said now was a good time to purchase a vacation home
  • According to the U.S. Census Bureau, 8.0 million vacation homes exist in the United States.

Click here to find who were buying vacation homes!

So what does this mean for you?

NOW really is a great time to buy vacation/rental homes on the Outer Banks. Home prices are still low which makes your vacation home an even better buy!! However, that will not always be the case – home prices will start to go up.

Whether you are looking for a vacation home or investment, give me a call. I will help you find the right property for your needs!!

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**All information above is from the National Association of REALTORS® for informational purposes only.