The Monarch Group Real Estate Blog

Thinking About Purchasing A Second Home?

Are you thinking about purchasing a river or lake property?  Dreaming of that cabin on the lake? Prices are good and mortgage rates are low, so its a good time to be thinking about that vacation getaway.

According to the National Association of REALTORS® (NAR), sales of investment and vacation homes jumped in 2011, with the combined marketshare rising to the highest level since 2005.

NAR’s 2012 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2011, showed vacation-home sales rose 7 percent to 502,000.

Here are some interesting numbers, according to the 2012 NAR survey:

• In 2011, 42 percent of vacation-home buyers paid in cash, and 39 percent purchased distressed properties.

• Vacation-home sales accounted for 11 percent of all transactions in 2011, up from 10 percent in 2010.

• The typical vacation-home buyer was 50 years old, with a median household income of $88,600.

• Purchased vacation homes were located a median of 305 miles from the buyer’s primary residence. Thirty-five percent of vacation homes were within 100 miles, and 37 percent were more than 500 miles.

• Typical buyers plan to own their recreational property for a median of 10 years.

So are you thinking of Rough River, Nolin Lake, Lake Cumberland or Barren River in Kentucky?  These are great places to purchase your second home. 

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