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Vacation Home Buyers in 2012

April 17, 2013 By admin

  • As we look forward to Memorial Day Weekend and the official start to summer here are a few vacation home owner statistics from a recent report.
  • The median vacation home purchase price was higher in 2012 than in 2011–$150,000.
  • The share of vacation buyers who did not use a mortgage rose slightly to 46 percent from 42 percent in 2011.
  • Since there were fewer distressed properties on the market in 2012, there were fewer that could be purchased. The share of vacation buyers who purchased a vacation property dropped to 35 percent from 39 percent in 2011.
  • However, the share does remain high—20 percent of vacation buyers purchased a home in foreclosure, while 15 percent purchased a short sale.
  • Vacation buyers expect to own their vacation home for 10 years.

Click chart to view larger version.

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3325 Taylor Rd., Suite 107
Chesapeake, VA 23321
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Virginia Beach, VA 23464
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Williamsburg, VA 23185
(757) 220-8205
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Kitty Hawk, NC 27949
(252) 261-6400
(800) 282-6401
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1092 Laskin Road, Suite #204
Virginia Beach, VA 23451
(757) 264-6530
(757) 233-7921

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5103 George Washington Memorial Highway
Hayes, VA 23072
(804) 331-0422
(800) 539-8014
(757) 833-0545

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1547-A E. Little Creek Road, Suite #100
Norfolk, VA 23518
757-583-1801
757-583-2343

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