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.