Serena Russell ~ Bay Area Real Estate Specialist

Are you in the market for a vacation home or second home?  Would you like a place to get away to.  The beach or the mountains?  If you’ve been thinking about this, then now is the time to achieve your dream of owning your second home.   According to the National Association of Realtors® Vacation-home sales recovered in 2009 while investment sales fell sharply,

“The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat.  “Investment buyers primarily seek rental income, with six in 10 planning to rent to others, although one in five wants a family member, friend or relative to use the home.”says cheif economist Lawrence Yun of NAR.

Only one in four vacation-home buyers plan to rent their properties to others, while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, 26% of vacation-home buyers and 8% of investment buyers intend to use the property as a primary residence in the future.

The median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008.  “The higher vacation home price may reflect increased sales in higher-priced markets, particularly in areas of Florida and California where prices became highly attractive for buyers over the past year,” Yun said.

Half of vacation homes purchased last year were in the South, 21% in the West, 17% in the Midwest and 12% in the Northeast. Seven out of 10 were detached single-family homes.

Source: National Association of Realtors®

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Serena Russell
Realtor®
REALTY WORLD, VIKING & FINANCIAL
Fremont, CA
DRE License #01824057