2005 Profile of Second-Home Buyers
Source: National Association of Realtors
REPORT HIGHLIGHTS
Source: National Association of Realtors
REPORT HIGHLIGHTS
The Reasons for Purchasing a Second-Home Vary Greatly Common Motives include the desire for a vacation getaway, rental income, and increased portfollio diversification. But the ways in which second-home buyers search and purchase that additional property vary less. The overwhelming majority of second-home buyers use a real estate professional to assist them in their purchase. Second-home buyers are, by definition, experienced home purchasers, so they reconize the advantages of using a real estate professional for their home purchase.
Second-home buyers can be divided generally into two groups - those who purchase investment properties and those who purchase vacation homes. There are numerious differances between these two groups of second-home buyers. Vacation-home buyers typically spend more on their purchase than do investment-home buyers. Vacation-home buyers raely rent out their vacation homes to others. Investment buyers are typically younger and more affluent than vacation-home purchasers. Investment-home buyers often seek properties in a location that is relatively close to their primary residence and typically do not use their second homes personally. Regardless of whether their second-home purchase was a vacation or an investment home, nearly all second-home buyers consider these properties to be good investments.
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Second-home buyers can be divided generally into two groups - those who purchase investment properties and those who purchase vacation homes. There are numerious differances between these two groups of second-home buyers. Vacation-home buyers typically spend more on their purchase than do investment-home buyers. Vacation-home buyers raely rent out their vacation homes to others. Investment buyers are typically younger and more affluent than vacation-home purchasers. Investment-home buyers often seek properties in a location that is relatively close to their primary residence and typically do not use their second homes personally. Regardless of whether their second-home purchase was a vacation or an investment home, nearly all second-home buyers consider these properties to be good investments.
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