PA Real Estate Blogs

Homebuyers are picking up the pace on seeking vacation homes, procuring the lifestyle they want for themselves, their families and their friends. Qualified homebuyers are taking advantage of record low interest rates to buy these properties, but competition for the inventory of homes available is increasing as we continue into the summer months.

According to the National Association of Realtors^® (NAR), vacation home sales accounted for 11 percent of all transactions in 2011, up from 10 percent in 2010. Sales of vacation homes in 2011 also rose seven percent over the previous year.

The research conducted by NAR gives crucial insight into what's driving vacation home sales. Most vacation home buyers (82 percent) intend to use the property as a private getaway or a location for family retreats. Thirty percent of vacation home buyers plan to one day use the property as their primary residence. Sixteen percent purchased properties for use by friends and relatives, in some cases for a child to live in while attending school. Only 22 percent of buyers plan to rent the home to others. This information shows that vacation home buyers are not just making a financial investment; they are investing in a lifestyle that they desire and building long-term plans around these properties.

Summer inevitably causes many to start thinking about owning a vacation home, and NAR's recent data supports that it might be wise to act on that notion in the near future. Opportunities also exist for sellers to put their homes on the market if they've been holding back.

Bill Sands

Sands & Company Real Estate

www.PaRealEstate.com