The second-home market is surging as the health of the U.S. economy and the overall wealth of U.S. households improves. Lawrence Yun, chief economist for the National Association of Realtors was recently quoted by CNN Money saying “we have had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.”
Nationwide, vacation-home sales were up 10% in 2012, accounting for 11% of all home sales according to the National Association of Realtors 2013 Investment and Vacation Home Buyers Survey. According to the Survey, the typical vacation home buyer was 47 years old with a median household income of $92,100. The survey also revealed that 45% of all vacation home purchases were made in the South.
According to Don Dowling, of CondoSmart Realty, the On- Site Sales and Marketing Company for Northshore Harbor Condominiums, a luxury lakeside community on Richland Chambers Lake just one hour south of the Dallas/Fort Worth area, this is holding true for the second home market throughout Texas, especially in the lakeside communities where people typically buy vacation homes.
“We have seen significant improvement in the marketplace, especially in the last several months,” said Dowling. “All signs indicate that consumers are optimistic and second-home sales should continue to increase.