Vacation homebuyers are responding to tremendous bargains by increasing their purchases. Sales of investment and vacation properties last year hit the highest level since 2005, states the National Association of Realtors (NAR)
Investment property purchases surged almost 65 percent last year, compared to 2010 levels, NAR adds. Buyers are attracted by great discounts available in the market
Persons who aren’t looking to buy a second home still can appreciate the fact that experienced owners are identifying fabulous values in real estate. Often second home purchasers plan to use a property for vacations now, but foresee it becoming their primary residence later
Another frequent strategy, according to NAR, is to buy a house for a child to live in while attending college. Being able to obtain a great deal today allows purchasers to feel positive about that
Vacation homebuyers also are looking to reduce their travel costs. Many are purchasing weekend getaway properties which they can drive to, reports The Wall Street
An average vacation residence bought last year is 305 miles away from the owner’s primary home, explains NAR. Some buyers pay more to find a nearby vacation property, rather than risking that air travel costs will go up in the future.