The phenomenal real estate boom of the past several years has not been confined to sales of primary residences alone. Sales of second homes also have ratcheted up dramatically as vacationers and investors look to snap up these properties amid the lure of low mortgage rates and rapidly increasing home values.
According to a study conducted by the National Association of Realtors, 2.82 million vacation home purchases were made in 2004, up 16 percent from the previous year.
With the rising demand, prices also escalated; the price of a typical vacation home increased 21 percent from 2003 to 2004, about twice the rate of appreciation for the overall home market.
In addition to vacation homes, sales in the second-home market were bolstered significantly by those searching for steadily appreciating investments. Nearly 25 percent of all homes purchased in 2004 were done so for investment purposes – a 14 percent increase from 2003.
Against this backdrop, real estate firms are recognizing the importance of understanding and servicing this influential group of homebuyers.
“Second-home buyers represent a vital and growing part of the overall...
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