Vacation home sales continue on, even in a market that has softened. The National Association of Realtors (NAR) found that as the market slowed in 2006 investors were choosing not to buy, but buyers in the market for a second home continued to shop. In the study NAR surveyed 1,412 home buyers and the results found that investment purchases were down 28.9 percent, but that second home buying was up 4.7 percent with a record 1.07 million houses and condos.
Major influencing factor, they weren’t buying to make a buck or a quick flip. Buyers who are in the market for a second home are looking to purchase a property that they can use as a vacation destination and not as an opportunity for rental income. With more and more baby boomers reaching retirement this trend will only continue to be seen in the future.
