Bargain home prices have jump-started sales on second homes, but more purchasers are opting to buy properties much closer to their primary residence.
In the past, second-home buyers tended to buy properties out-of-state or were lured to vacation homes near far-flung resorts and tourist destinations. But second-home purchases these days seem to be more restrained, as more purchasers opt for vacation spots that are within a relatively short drive of where they live. Moreover, these properties aren't as glitzy as in recent years, The Wall Street Journal reports.
The median distance between a buyers’ vacation home and primary residence took its first decline on record, averaging a 305-mile distance in 2011, a drop of 19 percent from 2010, according to data from the National Association of REALTORS®.
"People want to stay within driving distance because they're more able to maintain the homes, they have better networks in place, and friends and family nearby to use and sustain the homes," Jon Gray, vice president of HomeAway.com, told The Wall Street Journal.
A recent HomeAway survey found that vacation home buyer prefer to buy a home nowadays that can be reached in four hours or less from their primary home.
Source: “Getting Away—but Not Too Far,” The Wall Street Journal (May 2, 2012)
Dy Associates is an Oakland Real Estate company specializing in commercial, home and investment property in the Oakland and East Bay Area. We provide real estate services including buyer agent, seller agent, short sales, commercial and investment acquisitions, loan facilitation, hard money lending, financing assistance property management. Articles are provided as information only. We do not provide legal or general investment advice.