Vacation Home Sales on the Rise

Endless ocean views available with this Montecito vacation home

According to the National Association of Realtors’ 2013 Investment and Vacation Home Buyers Survey, vacation home purchases are up for the second year in a row. Up 10% in 2012, vacation home sales accounted for 11% of all real estate transactions nationwide, with 25% located in the West. The increase was linked to a strong stock market recovery and attractive prices.

The typical buyer was 47 years old and purchased a property with a median distance of 435 miles from their primary residence. The majority of buyers cited using purchased property for vacations or family retreats, while only 27% planned to use it as a primary residence in the future. There are reportedly 7.9 million vacation homes in the United States.

Here in Montecito, Riskin Associates works with a number of buyers searching for second homes. For a list of current offerings in the Montecito and Santa Barbara area, visit our Property Search page here.

 

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