![Vacation Home Sales Reach 2nd Highest Mark Since 2006 [INFOGRAPHIC]](http://www.myfirstclassteam.com/wp-content/uploads/2016/04/Vacation-Homes-KCM-768x1220-645x1024.jpg)
Some Highlights:
- 58% of vacation homes purchased were single family homes.
- 51% of vacation homes that were purchased were found online.
- The median price of a vacation home is up 28% from 2014.
Vacation Home Sales: Sales Down, Prices Up
The National Association of Realtors recently released their 2016 Investment and Vacation Home Buyers Survey. The survey revealed many characteristics of both vacation home purchasers and investors. Today, we want to concentrate on the vacation real estate market.
The survey found that vacation home sales last year declined to an estimated 920,000, down 18.5% from their most recent peak level of 1.13 million in 2014. However, this is still the second highest number of vacation sales since 2006.
Lawrence Yun, NAR’s chief economist explained:
“The expanding pool of buyers amidst a dwindling number of bargain-priced properties led to tighter supply and fewer sales and caused the price of vacation homes to rise. Furthermore, the turbulence that hit the financial markets the second half of the year likely seized some would-be buyers’ available cash.”
As Yun mentioned, the sales price of vacation homes rose in 2015:
Tomorrow, we will be providing an infographic that will highlight the other findings about vacation home sales from the survey, and in two weeks, we will report on the investor side of NAR’s survey.
The Top Reasons Why Americans Buy Homes
Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership.
Consumer Lending Executive, D. Steve Boland, explained:
“Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.”
Boland went on to say:
“The path to homeownership is a journey and can be as overwhelming as it is exciting. For many people, this is the single most significant financial transaction they will ever make.”
This was evidenced in the report when they asked today’s homebuyers to define homeownership. Their answers tell the whole story.
Bottom Line
Homeownership has always been a part of the American Dream and survey after survey confirms this will always be the case.
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