Owning a piece of paradise on the Outer Banks

#1 Beach desitnationOwning vacation property on the Outer Banks is a dream concept for many. After all, who wouldn’t want to own a piece of paradise that they can visit whenever they want?

The 2013 edition of the National Association of REALTORS® Investor and Vacation Home Buyer Survey indicated that more people are finding that piece of paradise ….. And they’re buying it.

According to the survey vacation property sales increased by 10% last year from 2011 figures. They accounted for 11% of home sales and the median sales price increased to $150,000 from $121,300 in 2011. So not only are more vacation properties selling but they’re selling for more money.

NAR’s Chief Economist Lawrence Yun attributes this increase to gains in the stock market in 2012.

So who’s buying? According to the NAR survey vacation property buyers had a median age of 47 and household income of $92,100.00. Of those who participated in the survey 80% said they intend to use their vacation property for just that, vacations or family getaways. 27% plan to make their retreat their permanent residence in the future and 23% planned to rent the property for extra income.

78% of Vacation home buyers said it was a good time to buy. 68% of primary home buyers are saying now is a good time to buy.

While 34% of vacation home buyers purchased their home within 100 miles of home, 45% of the vacation properties sold in 2012 within 435 miles from the buyer’s primary residence.

Another surprising figure: 46% of these properties were bought with cold, hard cash. So the increase doesn’t necessarily point to increased lending for vacation or investment properties.

Homes prices and sales on the Outer Banks are on the rise this spring. If you’re on the lookout for your private hideout now might be the time to take the plunge.