Today's Vacation Home Buyer

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Today's Vacation Home Buyer

  1. 1. Today’s Vacation Home Buyer Resort & Second Home Real Estate Forum 2011 Midyear Legislative Meeting May 12, 2011
  2. 2. Housing Market in Transition <ul><li>Housing market recovering slowly </li></ul><ul><li>Mobility stalled – people not moving as often </li></ul><ul><li>Higher income households doing better </li></ul><ul><li>Consumers still uneasy about the future </li></ul>
  3. 3. Sales of Primary Residences Drive Home Sales thousands Source: NAR
  4. 4. Vacation Home Sales Down Nearly 50% from Peak Source: NAR
  5. 5. Vacation Homes Are Now About 10% of the Market Source: NAR
  6. 6. Vacation Home Prices Fell Sharply in 2008 and Have not Recovered Source: NAR
  7. 7. Some Notable Shifts in Reasons for Purchasing a Vacation Home Source: NAR
  8. 8. Shift Toward Small Towns and Away From Resort Locations Since Peak of the Market Source: NAR
  9. 9. Location of Purchase and Type of Home Change Little from Year-to-Year Source: NAR
  10. 10. All Cash Transactions Growing Among Vacation Home Buyers Source: NAR
  11. 11. Foreclosures a Growing Segment of Vacation Home Sales Source: NAR
  12. 12. Vacation Home Buyers Find their Home Less Frequently Online and More Often by Word-of-Mouth than Other Buyers Source: NAR
  13. 13. Higher Income Households Purchase Further Away from Primary Residence Source: NAR
  14. 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. 15. Questions? <ul><li>2011 Vacation and Investment Home Buyer Report Item #E186-55-11 </li></ul><ul><li>Available in the REALTOR.org Store </li></ul><ul><li>Paul C. Bishop Vice President, Research </li></ul><ul><li>[email_address] </li></ul>

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